Teachers fall prey to illegal scheme
The Securities and Exchange Commission has received numerous complaints regarding the activities of an unregistered entity that has been targeting teachers for investments.
Complaints filed show that a firm using the names Teachers Financial Coaching Program/Teachers Financial Freedom Program/Elite Teachers Financial Program/Teachers Financial Program has been enticing public school teachers to invest P115,000 in exchange for P11,000 worth of beauty products and food supplements and a check for P10,500.
The entity also offers assistance to obtain a loan from the bank for teachers who cannot readily afford to shell out P115,000. The teachers are then required to invite new members to receive another P11,000 for each recruit.
It also offers trainings and seminars on financial literacy and promises a debt-free life, double net pay, owning a car, travel with family, and savings in the bank.
Upon investigation, SEC found out that Teachers Financial Coaching Program/Teachers Financial Freedom Program/Elite Teachers Financial Program/Teachers Financial Program is not registered either as a corporation or a partnership.
Further, it is not authorized to solicit investments from the public as it has not secured prior registration and/or license to solicit investments from SEC as prescribed under Section 8 of the Securities Regulation Code.
The SEC also warned any person who acts as salesman, broker, dealer, or agent of the entity in selling and convincing people to invest in the fraudulent activities it offers, including advertisement and recruitment through the internet and social media, will be persecuted and held criminally liable under Section 28 of the SRC.
The public is advised to exercise restraint from investing their money through schemes that promise high or fantastic returns in a short period of time and to take necessary precaution in dealing with individuals representing the said entity.
The public is urged to report any offer of investment made by person or entities using similar modus operandi to the SEC for appropriate enforcement actions. – Helen Veryan C. Valdez