3 MORE PONZI FIRMS FLAGGED

March 4, 2023 Headlines

“Investment Scam”

BAGUIO CITY

The Securities and Exchange Commission has advised against dealing with three more “investment firms”, it said, were unauthorized by the agency to solicit investments. Sans necessary license from the SEC: Moneyfescent Global Ventures OPC; Zydex Trading; and E-Ton Trading/ Eton Phil Trading/E-Ton Trading: Profit Sharing, have been reportedly enticing people to invest in their investment schemes with promised lucrative earnings.

“Their actions resemble a pyramid/Ponzi scheme, where investors earn through recruitment fees instead of the sale of actual products/services, and investors are paid using the contribution of new members,” according to the SEC. Earlier this week, at least four more “investment houses” were also flagged. These entities: JRCG Gold Trading; Mega Ultra Cash Trading; and Cash Table Online Solution, lacked necessary licenses.

Only this Monday, the SEC also censured Platinum Coin or Platinum Coin Pawnshop, found to be promising investors 15% up to 50% of earnings in 30 days. Such actions resemble a pyramid/Ponzi
scheme, where investors earn through recruitment fees instead of the sale of actual products/services, and investors are paid using the contribution of new members, the SEC said.

Artemio A. Dumlao/ABN