SEC bares ‘online paluwagan’ scammers
Bertiz said a cut in remittance fees would mean more savings for OFWs
Manila—-The Securities and Exchange Commission has warned the public against the so-called “Online Paluwagan” (Onpal) scams perpetrated in social media and by some online sites.
The SEC said it received information that several unscrupulous individuals were enticing the public to invest in the Onpal scam through 30 online accounts and sites.
The commission said the scammers include the following online groups: Road to Stockmarket/Dream Builders’ RTSM 2, Steady Money Onpal, G-Funds, Team Amazing Grace, Donatos Team-Gig, Team Donatos, Building Bridge, GBS New Hope, GBS Trust Traders, Whilmz Team International, Whilmz International Online Paluwagan, Rosca-Money’s Worth Onpal, and Warriors Team Onpal.
The other groups were Team Warriors, Xplosion, Red Packet, Elite Savers Club, Share Ko Profit Ko, and SUTM & Boj, Real Team Angel International, Original Team Angels, Return of the Comeback Team Angels Internationals, Cone Weekly Investment, 2DO Marketing Services, P0wer7 M2G, Onpal Adhoc, Swift Earners Guild, Exclusive Circle of Earners, Old TBC, Lover’s Profit Sharing.
“The scheme involves a scheduled collection of money from each member by one or few administrators with an expectation to distribute the funds with interests to all members on their respective payout schedules,” the SEC said.
“The persons recruiting or soliciting investments were promising huge returns to their members within a short period of time with interests ranging from 10 percent to 757 percent in as little a day to 90 days,” it added.
The commission said transactions between the administrators and members were made through remittances, wire transfer, and cash deposits, among others.
“The social media was also extensively used to promote and operate the scheme. Unfortunately, many of their respective members incurred huge loss of money and the administrators were reportedly unable to refund investments,” the SEC said.
“In view thereof, the public is hereby advised to stop investing in these kinds of activities and to take the necessary precaution in dealing with these groups or their representatives,” it added.
The commission said members of the public should make sure first that that a company they are investing in should be “lawfully engaged in business for which it is registered with the Commission as required under Sections 8 and 12 of the Securities Regulation Code (SRC).”
It added that those who act as salesmen, brokers, dealers or agents in selling or convincing people to invest in the said scheme including solicitations or recruitment through the internet may likewise be prosecuted and penalized with a maximum fine of P5 million or penalty of 21 years imprisonment.
“Furthermore, the names of all those involved will be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed,” the SEC said.
“Accordingly, those who invite or recruit other people to join or invest in this venture or offer contracts or securities to the public may be held liable or accordingly sanctioned or penalized,” it added.
The SEC urged the public who know about these scammers to call its Enforcement and Investor Protection Department at telephone numbers 818-6047.