Pagadian City Residents Fall To Swindle(Scam)

[Call me bubba]

latest scam that has some fools people in Pagadian City has fallen victim too

Seems that some (people) think that a "quick"rich scheme is without any risk

Thousands fall prey to ‘high profit, high yield’ swindle

PAGADIAN CITY: An investment trading scheme thought by many as answers to their long time dream in becoming a millionaire is now on the brink of collapse after it failed to pay up hundreds, perhaps thousands of people who invested in what is believed to be a scam.

Investors said that they have put so much money into the trade after its owners promised to pay them as much as 50 percent profit in just two weeks.

The investment trading began in February this year in Pagadian City in Zamboanga del Sur province and the people behind it operated without any government permits, not until June after news of its high-yield, high-profit spread like wildfire,

attracting even street vendors and tricycle drivers to pour their hard-earned savings into an overseas stock and money trading.

During the first weeks of its operation, investors were paid at least 31 percent and profits increased to 50 percent in the succeeding weeks

—luring not only ordinary citizens, :hystery: but politicians as well. :hystery:

The amount of money invested in the company could run into tens of millions of pesos, or probably hundreds of millions.

“Oh, it was really a big business here. Many people became millionaires because their investments grew a hundred fold and more as long as they stay in the trading business and even politicians are raking a lot of money from their investments, mostly overseas,” said Rick Santiago in an interview, but he did not say whether he also invested money into the trade or not.

The Department of Trade and Industry (DTI) said that the people behind the investment trading were able to secure a permit for a business name and that succeeding permits carried various names of owners.

Maria Socorro Atay, the DTI provincial director, said that they have received a lot of complaints from investors now, saying that they failed to get back their money and profit from the company.

“We have warned the public about the scheme, but sad to say the greed for money is stronger than the reality that this business is another Ponzi scheme. We cannot do anything to help them unless they file a criminal complaint and the police can act on these problems,” she said.

Atay renewed her warning to the public to be careful in their business transactions, especially if it is high-risk such as money market or stock trading. “If it’s too good to be true, it isn’t true and it is a scam,” she said.

She said that the Securities and Exchange Commission has issued a public warning about the Ponzi scheme, but many investors simply ignored this after being told by the company that they would be paid on time.

“Even commercial banks do not pay that much. Imagine a 50 percent profit in your capital in just a matter of two weeks. And all they give the investor is a piece of paper and written on it is the amount of their capital or investment.

That is a scam. It’s a large-scale swindling, it’s syndicated estafa.

We hope authorities would immediately act on this problem before the people behind it disappear,” she said.

The scheme is named after Charles Ponzi, who became notorious for using the technique in 1920.

The Criminal Investigation and Detection Group of the Philippine National Police have begun investigating the scam, and so are the Anti-Money Laundering Council and the National Bureau of Investigation.

Two investors are reported suffering from psychiatric problems now after failing to get their investments back from the company, whose executives are now in hiding.

http://philnews.com/headlines/2012/headline_news_1005ah.htm

please vote in the above poll

[i am bob]

I find it hard to believe that people actually fall for these ridiculous schemes... Imagine! 50% return in 2 weeks?

Now, I, on the other hand, am starting a scam completely legitimate ponzi scheme investment business where you will get nothing 200% in return! Who's first to sign up?

:mocking:

[nor cal mike]

I find it hard to believe that people actually fall for these ridiculous schemes... Imagine! 50% return in 2 weeks?

Now, I, on the other hand, am starting a scam completely legitimate ponzi scheme investment business where you will get nothing 200% in return! Who's first to sign up?

:mocking:

Will you be selling bridges or ocean front property in Montana ?

[i am bob]

Why neither of course! I have a resort in the Philippines I will be selling shares of! I can't say out loud which island but if you count out the 7,109 islands, you will find it on the last one!

:mocking:

[Dr. Cockroach]

Frankly, they deserve it!

If there's any investment scheme that offers 50% in a matter of two weeks, wouldn't you say (if true), it's a stolen money?

Now if you have no problem participating in such a thing and expect to be rich quickly, wouldn't you be acting like a thief? Hence, enjoy the outcome! :cheersty:

If you are not a thief then you must be so stupid to believe it. In which case, you'd still deserve it :bash:

[earthdome]

"A Fool and His Money Are Soon Parted", Thomas Tusser.

http://voices.yahoo.com/unpuzzling-fool-his-money-soon-parted-4104083.html

[Jollygoodfellow]

We hope authorities would immediately act on this problem before the people behind it disappear,” she said.

Probably look in Cambodia if they have already disappeared. :)

[Call me bubba]

Probably look in Cambodia if they have already disappeared

:omg: yes I have heard of a story that a previous investor had "fled" to Cambodia