Since almost all people are now staying at home and the only way to stay connected is by going online, scams and frauds seem to be using this chance to fool investors. The Securities and Exchange Commission (SEC) continues to warn the public against many groups who are seeking investments since the start of the COVID-19 crisis. In fact, the corporate regulator has given company names that are trying to use the internet to scam people. I am reminding everyone as well to be vigilant when talking to the agents of these companies. What you need right now is to preserve your money for a good use after the quarantine. Don’t let them fool you!
Catch me in my live training events! (quick plug)
The heart of why I do these seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more about how you could time the market check out the training below.
Stock Smarts Manila: March 14, 15, 21, 22 & 28, 2020
Stock Smarts Singapore: May 16 – 17, 2020
Stock Smarts New Zealand: June 6 – 7, 2020
Stock Smarts Sydney: July 11 – 12, 2020
Stock Smarts London: April 18 – 19, 2020
If you are familiar with Kapa-Community Ministry International, the company that scammed millions of investors last year, you would know the schemes of scammers. One of the companies SEC warned the public about is Azenzo-Online, which uses the same tactics as Kapa. Investors are supposed to invest with a 30% return in 5-15 days and 100% of the principal will be returned in 20 days. There is also Maginvestka.Online (MKI.O) that invites the public to trade bitcoin with a 2% return every day. All other scam companies flagged by SEC include President: Rodrigo Duterte Charity Foundation, Bitrade Bitcoin Trading, Bitcoin Revolution, and Fast Track Worldwide, Inc.
One way to check if the company you are doing business with is legit is to always read SEC advisories. Remember that you are dealing with money here. No one wants to be scammed. If the company is trying to get investments from the public, they should be registered in SEC, not in DTI. SEC is for partnerships and corporations and it regulates companies that seek crowdfunds. If you wish to be a shareholder of a business, make sure that you check its licenses and permits first.
It’s really a challenge to tell if a company is a scam or not, especially if it gives you all the documents you need to believe. But if you are really looking for something that will give you income for a longer period of time, why don’t you go for real investments like stocks, mutual funds, bonds, commodities, and so on? You don’t have to waste your time investing in fake companies. You can have your own by using your money as capital.