The Securities and Exchange Commission (SEC) has strengthened its campaign against Emgoldex Philippines, an alleged fraud entity that is not registered to operate in the country.
According to Philippine corporate regulator, “This commission has received information about the proliferation of bogus SEC public advisories concerning Emgoldex Philippines that bear the SEC logo or appear to have been issued by the commission or signed by any of its officials.”
“Any public offering or solicitation of investment in the Philippines without the prior license or permit from the SEC is strictly prohibited by law and may be penalized by imprisonment and/or fine,” the corporate regulator said.
“There is no distinction whether the investment offering is made through the Internet or in a commercial or public place as long as the investment solicitation is indiscriminately offered to the public in general within this jurisdiction,” it said.
“With regard to the claim that Emgoldex is a registered entity in foreign countries like Germany, Dubai, Cyprus, and elsewhere, it is still not allowed to conduct investment solicitation activities in the Philippines without first securing the required registration and license from the SEC.”
Last month, the agency has already issued a warning to the public against investing their money with Emgoldex Philippines which claims to offer the public to invest for a promise of high returns where an investment of P1,000 would earn profits ranging from P5,000 to P10,000 or a placement of P35,000 would yield P180,000 to P360,000.
Investors in Emgoldex claim that the company is registered in Germany, but a complaint filed by Massachusetts Secretary of State William F. Galvin showed that it is registered in the Seychelles, an island nation of Africa.
Meanwhile, a cease and desist order had been imposed on Emgoldex in Massachusetts, U.S., and it has been banned in Finland, Colombia, Estonia, and Panama.
Source: ABS-CBN, Philstar