Teachers fall prey to group’s illegal operations

 BEHIND THE SCENES

Alfred P. Dizon

LA TRINIDAD, Benguet -- The Securities and Exchange Commission (SEC) has received numerous reports regarding activities of an entity using the names Teachers Financial Coaching Program, Teachers Financial Freedom Program, Elite Teachers Financial Program and Teachers Financial Program.

Complaints filed show this entity had been enticing public school teachers to invest P115,000 in exchange for P11,000 worth of beauty products and food supplements and a cheque amounting to P10,500. 

The SEC said the entity also offers assistance to obtain a loan from the bank for teachers who cannot readily afford to shell out P115,000.

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The teachers are then required to invite new members to receive another P11,000 for each recruit. Said entity likewise offers trainings and seminars on financial literacy and promises a debt-free life, double net pay, owning a car, travel with family, and savings in the bank.

Helen Veryan C. Valdez of the SEC bared this saying an investigation was conducted by the Commission which found out the TFCP, TFFP, ETF and TFR were not registered either as a corporation or a partnership.

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The SEC said the entity was not authorized to solicit investments from the public as it has not secured prior registration and/or license to solicit investments from the Commission as prescribed under Section 8 of the Securities Regulation Code (SRC). 

The SEC also warned any person who acts as salesman, broker, dealer, or agent of the said entity in selling and convincing people to invest in the fraudulent activities being offered by it, including advertisement and recruitment through the internet and social media will be persecuted and held criminally liable under Section 28 of the SRC. 

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Valdez said names of all those involved in the illegal investment-taking activities will also be reported to the Bureau of Internal Revenue (BIR) so appropriate penalties and/or taxes will be assessed. 

The SEC advised the public to exercise self-restraint from investing their money into investment schemes promising high or fantastic returns in a short period of time and to take necessary precaution in dealing with individuals representing said entity.

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Valdez urged public is urged to report any offer of investment made by person or entities using similar modus operandi to the SEC for appropriate enforcement action.