SEC warns public from investing in two firms
>> Tuesday, September 26, 2023
The Securities and Exchange Commission (SEC) warned the public against investing their hard-earned money on companies without license or permit from the concerned government regulatory agencies.
The SEC Enforcement and Investor Protection Department issued separate warnings against the operations of Bagong Bansang Maharlika (BBM) International Inc. (BBMII) and White Dragon Investment Group soliciting investments from the public.
SEC investigation disclosed that BBMII operates in the whole country enticing prospective members and collecting P100 pesos as processing fee for identification cards. Through the use of the social media and seminars conducted in public places and radio stations, the BBMII program entices the prospective members by promoting and offering its so-called “assured benefits” in the form of food security, medical services, livelihood, free education and cash assistance for the senior citizens starting fifty (50) years of age and above, among others.
Per SEC records, the BBMII was registered with the Commission on 18 March 2022 under SEC registration No. 2022030046453-01 and with principal address at J.P. Laurel St., San Juan (POB.), Samal, Bataan, Region III, (Central Luzon), 2113 but their registration only gives juridical personality to operate as a corporation and does not encompass activities which requires the necessary permit such as but not limited to operate as a Private Social Welfare Development Agency (SWDA)1 from the Department of Social Welfare and Development (DSWD).
“As the Certificate of Incorporation issued to BBMII shows, while such Certificate grants juridical personality to the corporation, the Certificate of Incorporation does not constitute a permit to undertake activities for which other government agencies require a license or permit,” the SEC warned.
SEC investigation department revealed that BBMII does not appear to be among those SWDAs with valid registration/license to operate or accreditation with DSWD as of July 31, 2023.
On the other hand, White Dragon Investment Group headed by a certain Justin Arvin Santos Atendido, enticing the public through social media platforms to invest in its various business sectors, including real estate development, food and beverage, franchising, leisure and gaming services, poultry and egg, as well as private investments – is not authorized by SEC.
The group recruit investors by offering investments to the public for a minimum amount of P100,000.00 for a 3% monthly interest or equivalent to a total of 36% annual return on investment in violation of Sections 8, 26 and 28 of the Securities Regulation Code as well as the Financial Products and Services Consumer Protection Act.
To report investments frauds, send an email to epd@sec.gov.ph. – JMPS
The SEC Enforcement and Investor Protection Department issued separate warnings against the operations of Bagong Bansang Maharlika (BBM) International Inc. (BBMII) and White Dragon Investment Group soliciting investments from the public.
SEC investigation disclosed that BBMII operates in the whole country enticing prospective members and collecting P100 pesos as processing fee for identification cards. Through the use of the social media and seminars conducted in public places and radio stations, the BBMII program entices the prospective members by promoting and offering its so-called “assured benefits” in the form of food security, medical services, livelihood, free education and cash assistance for the senior citizens starting fifty (50) years of age and above, among others.
Per SEC records, the BBMII was registered with the Commission on 18 March 2022 under SEC registration No. 2022030046453-01 and with principal address at J.P. Laurel St., San Juan (POB.), Samal, Bataan, Region III, (Central Luzon), 2113 but their registration only gives juridical personality to operate as a corporation and does not encompass activities which requires the necessary permit such as but not limited to operate as a Private Social Welfare Development Agency (SWDA)1 from the Department of Social Welfare and Development (DSWD).
“As the Certificate of Incorporation issued to BBMII shows, while such Certificate grants juridical personality to the corporation, the Certificate of Incorporation does not constitute a permit to undertake activities for which other government agencies require a license or permit,” the SEC warned.
SEC investigation department revealed that BBMII does not appear to be among those SWDAs with valid registration/license to operate or accreditation with DSWD as of July 31, 2023.
On the other hand, White Dragon Investment Group headed by a certain Justin Arvin Santos Atendido, enticing the public through social media platforms to invest in its various business sectors, including real estate development, food and beverage, franchising, leisure and gaming services, poultry and egg, as well as private investments – is not authorized by SEC.
The group recruit investors by offering investments to the public for a minimum amount of P100,000.00 for a 3% monthly interest or equivalent to a total of 36% annual return on investment in violation of Sections 8, 26 and 28 of the Securities Regulation Code as well as the Financial Products and Services Consumer Protection Act.
To report investments frauds, send an email to epd@sec.gov.ph. – JMPS
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