Department of Labor and Employment
20 September 2018
POEA warns OFWs on unauthorized investment schemes
The Philippine Overseas Employment Administration (POEA) has advised overseas Filipino workers to be cautious in dealing with persons or entities that offer “high-yielding” investments without the necessary permit from the Securities and Exchange Commission (SEC).
A group of OFWs in Dammam and Al Hassa in the eastern province of the Kingdom of Saudi Arabia reported that they were recruited by Sangguniang Masang Pilipino International Incorporated (SMPII), a Philippine-based non-profit organization and encouraged them to make an investment with ALMASAI Finance and Investment (now ALMASAI Equity Holding Corporation).
The OFWs said they were required to put an initial investment of Php50,000.00 with a guaranteed interest of 5 percent each month. ALMASAI allegedly issued 13 post-dated checks—12 checks for the monthly earning of the investment and the 13th check as payment of capital investment.
ALMASAI, which has an office address at EDSA, Barangay Socorro, Murphy, Cubao, Quezon City is reportedly owned by a certain Elpidio Reyes Tanaliga Jr.
The workers, after making investments reaching up to Php100 M, are now complaining that they are no longer receiving any of the promised interests and have lost contact with Tanaliga. They alleged that the checks issued supposedly for their monthly earnings were declined by the bank due to insufficient fund.
According to the Securities and Exchange Commission, ALMASAI Finance and Investment is not a SEC-registered entity as a corporation or as a partnership and was not also issued a secondary license as a broker and/or dealer of securities, dealer in government securities, investment adviser of an investment company, investment house and transfer agent. It has not filed nor has any pending application for primary and secondary licenses with the Commission.
ALMASAI Equity Holdings Corp., despite having been registered with the Commission as a corporation, is not authorized to solicit investments from the public as the said entity has not secured the necessary secondary license or permit from the Commission as required under Sections 8 and 12 of the Securities Regulation Code (SRC). It is also engaged in ultra vires act, or beyond one’s legal power or authority, for doing business not in accordance with its purpose of incorporation, which constitutes serious misrepresentation as contemplated under Presidential Decree 902-A.
Previously, the Securities and Exchange Commission has warned the public to stop putting money in this kind of investment scheme which may turn out to be fraudulent.
The SEC said those who invite or recruit other people to join or invest in this venture or offer investment contracts or securities to the public including solicitations or recruitment through the internet, may likewise be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code. The penalty for offenders is a maximum fine of Five Million Pesos (P5,000,000.00) or twenty-one (21) years of imprisonment or both pursuant to Section 73 of the SRC.
The Commission urges anyone who has knowledge or information regarding the operation of these entities or about any business transaction involving these securities or investment opportunities to report such activity immediately to the Commission so that appropriate measures can be taken through the Enforcement and Investor Protection Department at telephone numbers 818-6337 or 818-1898 or email address: firstname.lastname@example.org END
POEA nagbabala sa mga OFWs laban sa mga di-awtorisadong investment scheme
Pinayuhan ng Philippine Overseas Employment Administration (POEA) ang mga overseas Filipino worker (OFW) na mag-ingat sa pakikipag-usap sa mga tao o kompanya na nag-aalok ng “high-yielding” investment ng walang kinakailangang permit mula sa Securities and Exchange Commission (SEC).
Isang grupo ng OFW sa Damman at Al Hassa sa eastern province ng Kingdom of Saudi Arabia ang nag-ulat na sila ay ni-recruit ng Sangguniang Masang Pilipino International Incorporated (SMPII), isang Philippine-based non-profit organization at hinikayat silang mamuhunan sa ALMASAI Finance and Investment (ngayon ay ALMASAI Equity Holding Corporation).
Sinabi ng mga OFWs na sila ay kinailangang maglagay ng inisyal na puhunan na P50,000.00 na may tiyak na interes na 5 porsiyento kada buwan. Nag-isyu umano ang ALMASAI ng 13 post-dated check – 12 tseke para sa buwanang kita ng kanilang puhunan at ang ika-13 tseke ay bilang kabayaran sa kanilang nilagay na kapital.
Ang ALMASAI, na ang tanggapan ay nasa EDSA, Barangay Socorro, Murphy, Cubao, Quezon City at naiulat na pagmamay-ari ng isang Elpidio Reyes Tanaliga Jr.
Ang mga manggagawa, matapos maglagay ng puhunan na umabot sa P100-M, ngayon ay nagrereklamo na hindi na sila nakatatanggap ng pinangakong interes at nawalan na rin ng komunikasyon kay Tanaliga. Kanilang sinabi na ang tseke na umanoý inisyu sa kanila para sa kanilang buwanang kita ay hindi tinanggap ng banko dahil sa kakulangan sa pondo.
Ayon sa Securities and Exchange Commission, hindi naka-rehistro ang ALMASAI Finance and Investment bilang corporation o bilang partnership at hindi rin naisyuhan ng secondary license bilang broker at/o dealer ng securities, dealer ng government securities, investment adviser ng isang investment company, at investment house and transfer agent. Hindi ito nag-sumite at wala rin itong pending application sa Commission para sa primary at secondary license.
Ang ALMASAI Equity Holdings Corp. bagama’t naka-rehistro ito sa Commission bilang corporation, ay hindi awtorisadong mangalap ng investment mula sa publiko dahil ang nasabing kompanya ay hindi kumuha ng kinakailangang secondary license o permit mula sa Commission na hinihiling sa ilalim ng Sections 8 at 12 ng Securities Regulation Code (SRC). Nagsagawa din ito ng ultra vires act, o higit sa binigay sa kanyang kapangyarihan o karapatan, sa pagsasagawa ng negosyo na hindi naayon sa layunin ng korporasyon, na nangangahulugan ng pagsisinungaling batay sa Presidential Decree 902-A.
Una nang pinaalalahanan ng Securities and Exchange Commission ang publiko na huwag mamuhunan sa ganitong uri ng investment scheme na sa kalaunan kanilang malalaman na panloloko.
Sinabi ng SEC na ang mga nagyayaya o nagre-recruit ng mga tao para sumali o mamuhunan sa ganitong pakikipagsapalaran o mag-alok ng investment contract o securities sa publiko kasama ang pag-solicit o pag-recruit gamit ang internet, ay maaaring masakdal at makasuhan sa ilalim ng Section 28 ng Securities Regulation Code. Ang multa ay P5 milyon (P5,000,000.00) o 21 taong pagkakakulon o pareho ayon sa Section 73 ng SRC.
Hinihimok ng Commission ang sinuman na may nalalaman o impormasyon tungkol sa ganitong operasyon o tungkol sa anumang negosyo na may kinalaman sa securities o investment na agad itong iulat sa Commission para mabigyan ng tamang aksyon ng Enforcement and Investor Protection Department na may telepono bilang 818-6337 o 818-1898 o mag-email sa email@example.com