DepEd warns of fake online investment firm

By Daniel Codamon

LAGAWE, Ifugao -- The Schools Division of this province recently received a memorandum from Education Secretary Armin Luistro on Securities and Exchange Commission’s advisory and disclaimer concerning online investment-taking activities of a bogus company called Emgoldex Philippines operating in the country.

The memo aimed to provide teachers and students with proper information, guidance and protection from such high risk investment scheme and prevent them from becoming victims.

Emgoldex Philippines reportedly  entices Facebook netizens to invest their money in “Pinoy Style Patak Patak” for a promise of huge profit/high returns where an investment of P1,000 will earn profits ranging from P5-10,000 or a placement of P35,000 will yield P180,000-P360,000 (1K=5K to 10K payout or 35K= 180K to 360K payout).

The company according to SEC was  not a registered corporation or partnership and such entity is not authorized to solicit investments from the public as it did not secure prior registration, license or permit to solicit investments from the Commission as required by law.

The SEC warned the public to exercise self-restraint from investing their money into such high yield-high risk investment scheme and to take the necessary precautions in dealing with said entity and should anyone have information regarding the operation of the said entity are advised to call their Enforcement and Investment Protection Department at telephone numbers 584-7187 or 584-7652.

A few months ago, many Ifugaos especially government employees and teachers lost money after they became victims of similar investment scams because of their desire to have instant gain and fortune.