7 charged as investors lose P12M in new scam

[Mike J]

It amazes me that there are still people who invest in these type of scams.  

https://ph.yahoo.com/news/7-charged-investment-scam-042200579.html

THE National Bureau of Investigation (NBI) has filed a case of syndicated estafa before the Cebu City Prosecutor’s Office against seven individuals who allegedly obtained at least P12 million in cash through an investment scam.

Those charged were Princess Joana Jo Alfajic Campos, Gretchen Baron Aguas, Gregory Mohamad Alfajid Campos, Lennita Sumalinog, Gilde Pineda Saron-Maghibon, Christopher “Ace” Tundag and Andrew P. Arnado.

Those with the surnames Campos, Aguas and Maghibon indicated addresses in Bacolod City while the rest are from Cebu City.

NBI Agent Greg Algoso Jr., who is in charge of the case, said up to 30 individuals have filed complaints before their office.

Based on the complaint filed on Sept. 3, 2021, Princess Joana first convinced several people in Cebu to invest in their company and promised the investors that they would earn three percent per day for 67 days, excluding Saturdays and Sundays.

Investors who would put in P500,000 would reportedly earn 60 percent per month for six months.

Princess Joana claimed the investments would go to Royal O Consultancy Services, Royal O Import and Export, Royal O Dry Goods Trading, Plasmatech Medical Supplies Trading, Deverde Plural Import Manufacturer Co. and Oro Magnet International E-Games.

She launched these companies, together with iPhil Savings and Credit Cooperative through Arnado, in a five-star hotel in Cebu City on May 28, 2021.

Princess Joana and iPhil also established Royal O-iPhil in an office on the ground floor of APM Central along A. Soriano Ave., Mabolo, Cebu City.

This company told investors who put in P500,000 that they will earn three percent per day for 67 days. Those who invest more than P500,000 were told they would earn 30 percent per month for 12 months.

IPhil also promised that it would return the original investment after 12 months. Instead of issuing checks, iPhil released passbooks.

However, on June 14, 2021, Royal O and iPhil closed their offices. The contact numbers that they provided their investors could no longer be reached.

“Based on the complaints and the amount stated by the complainants, the total amount carted (away) by the perpetrators is in millions of pesos,” NBI said.

The Securities and Exchange Commission (SEC) issued an advisory on Feb. 23, 2021, stating that the Royal O group of companies “has not secured a secondary license or permit to offer and sell securities and is not authorized to solicit, accept, or take investments or placements from the public nor issue investment contracts and other forms of securities.” 

[scott h]

[Freebie]

If only my bank would pay 0.3% per day !!!!

[GeoffH]

 

[graham59]

Silly people who evidently need protecting from themselves. 

Used to love them when I was commission-only 'direct selling', in my youth though. 

(Totally legally, I might add . ) 

[Jollygoodfellow]

2 hours ago, graham59 said:

Silly people who evidently need protecting from themselves. 

I recently seen posts on FB offering huge interest rates. I commented that its a scam.The amount of people who posted replies with "HOW" was surprising

[graham59]

Shocking amount of 'Pyramid Selling' in this country. It really should be stamped out. 

I do feel sorry for the (what must be an enormous number of) people sucked into these Ponzi type get-rich-quick schemes.  One can only assume that these CROOKS have friends in high places.  

[Jollygoodfellow]

3 hours ago, graham59 said:

Shocking amount of 'Pyramid Selling' in this country. It really should be stamped out. 

I do feel sorry for the (what must be an enormous number of) people sucked into these Ponzi type get-rich-quick schemes.  One can only assume that these CROOKS have friends in high places.  

Well they must of been sort of working legally as they were registered with The Securities and Exchange Commission (SEC) for the first year. Not sure what happened or how they could register to conduct business.

[sonjack2847]

A few of those schemes are going around here. Targeting poor and not so poor people who may not have access to the internet or they just have had no education or experience outside of their Purok. In the beggining some people get paid out so spread the word and that is how these schemes get away with it. Don`t forget a lot of expats got caught with something similar maybe 8 years ago in Cebu.

[Gandang Smile]

Most of these simpletons are brainwashed with the idea that the financial system is "corrupt" and "unfair" towards people outside their elite circles. That's how they played hundred of thousands of them touting "the cryptocurrency revolution", as a tool of financial liberation that would unleash returns and prosperity never seen before.

The irony of these companies who promised 50% returns in a year by investing in the crypto markets is that, had they really invested in specific crypto markets (e.g. Ethereum) in the past 2 or 3 years, they would have been able to make enough money to fulfil those promises, and still keep plenty of profits for themselves!