‘No Scam Victim has Recovered Money’
PREVENTION is better than a pound of cure.
This is the reminder given by Filipino lawyers to Filipinos in Hong Kong who might be enticed in investing their hard-earned money in get-rich-quick schemes.
During the Legal Forum held by members of the Integrated Bar of the Philippines-Central Luzon Region, Filipinos in the territory were warned that those who had fallen prey to investment scams had not been able to recover their money.
“Medyo mahirap po ang sitwasyon na kung sakali po ay naloko kayo sa scams, kunwari nandito kayo, tapos online lang. Wala kayong mahahanap na opisina o tao na hahabulin ninyo. O kaya ang hahabulin ninyo ang nag-recruit sa inyo ay best friend ninyo o kumare ninyo o kapatid ninyo,” said Socrates Padua, a lawyer from the Public Attorney’s Office (PAO).
“Maari po kayong mag-file ng kaso pero sa dinami-dami ng nabiktima ng scam, wala pa ho tayong nakita na nakapagrecover ng kanilang investment so the best thing to do is to prevent [us from being scammed],” he added.
He also cited the case of Rosario Rose Baladjay who founded Multinational Telecommunications Investors Corp. (Multitel) and was eventually convicted of estafa and was sentenced to four to 20 years in prison.
In 1998, Baladjay’s Multitel lured investors to part with their hard-earned money and invest in Finland-based telecommunications firm “Benefon”, promising them as much as 15-percent yield to their investments. Baladjay reportedly earned P20 million from the scheme which eventually collapsed when the recruits dropped.
“Kunwari po napakulong natin yung [scammer], napakulong po siya, pero baka iyong pera natin nakatago pa somewhere, baka mas kumportable pa siya sa loob [ng bilangguan], pero kayo po baka nasira na ang pamilya ninyo, baka kayong mag-asawa nag-away na dahil ang ipon ninyo nagamit ninyo.
“So puwede po kayong mag-file ng kaso pero mahihirapan po tayo, totoo po iyon. Prevention is better than a pound of cure,” Padua added.
A red flag that an investment offer is a scam is that to be able to earn interest from your investments, one must also recruit other members.
“If the focus primarily is on the exchange of money for recruitment, kapag puro recruitment ang sinasabi sa inyo at kailangan ninyo mag-recruit ng ganito karaming tao, iyan po ay scam,” Padua said.
He also warned that other pyramiding scams also disguise as direct selling companies by selling supplements but also require recruitment.
“Ang sabi ng SEC (Securities and Exchange Commission), pumunta kayo sa kanila para tignan ninyo kung ang investment po ay may license,” Padua said.
Legitimate investments or business opportunities are available in banks, and reputable financial institutions, he said.
“Kung ang investment ay walang recruitment o walang promise na 100- to 300-percent return of investment in a very short span of time, tingin ko valid iyon. Hindi naman masamang mangarap at mag-invest, but it will take some time,” Padua added.
“Ang tatandaan ninyo po na if something is too good to be true, it’s too good be true,” he said, noting that anyone who has money or has the capacity to borrow money could be a potential scam victim.
The Philippine Consulate General has urged Filipinos who fell prey to investment scams involving Emgoldex and two other related companies to file their formal complaint.
The SEC has sued Emgoldex, and its related entities Global Intergold, and Prosperous Infinite Philippines Holdings Corp. for allegedly selling unregistered securities to public without a license or violating the Securities and Regulation Code (SRC).
According to previous Facebook posts, investing in Emgoldex Philippines “Pinoy Style Patak Patak” will earn profits of P5,000 to P1,000 for a mere P1,000 investment. A placement of P35,000 will have an interest of between P180,000 and P360,000.