DTI warns public versus internet-based investment
THE proposition could be tempting but be warned.
The Department of Trade and Industry (DTI) provincial office has warned Pangasinenses about investing their money through Internet-based registration.
The warning was issued by DTI Provincial Director Peter Mangabat in the wake of the expose on the Internet-based investment scam that had victimized even movie and television celebrities.
The Securities and Exchange Commission identified the following entities as allegedly engaged in Internet-based ponzi investment schemes: FrancSwiss, Swiss Cash, Universal Forex System, Global America and Private Forex Trade, Inc.
Mangabat said the features of an Internet-based ponzi investment schemes are: the company has no SEC registration, investment is in foreign currency, preferably in U.S. dollars’ offers or guarantees a huge profit in a very short period; utilizes a binary network (i.e. up line and down line) to earn commissions; no paper trail (i.e. contracts, receipts); promises little or no financial risk, provision for a lock-up period where an investor cannot touch the investment ( i.e. 60 days); assures pay-off of investments in a short time; uses high-pressure methods to convince investors to reinstate their earnings; and unknown principal office, address, founders, directors or officers.
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