September 15, 2024 | 12:00am
MANILA, Philippines — The Securities and Exchange Commission (SEC) is alerting the public against a fake entity posing as the Philippine Investment Funds Association (PIFA) on Facebook.
PIFA is an association of mutual fund companies in the country with 70 member-funds being managed by 10 asset management companies.
In an advisory, the SEC warned the public against investing in the investment scheme offered by the fake PIFA Facebook account.
The SEC said the fake account is not in any way related or connected to the legitimate PIFA.
According to the commission, the public is being enticed by the fake PIFA account to invest P1,000 to P50,000 for a guaranteed profit ranging from 250 percent to 340 percent for only four days.
It also offers a referral bonus to its members equivalent to 15 percent of the amount they invested.
“Based on the information received, the name PIFA was used without authority by the entity subject of this advisory,” the SEC said.
“Moreover, the investment contract being offered by the fake PIFA is not registered with the commission, hence, its offering to the public through social media constitute violation of Sections 8, 26 and 28 of the Securities Regulation Code,” it said.
Meanwhile, the SEC is also advising the public against dealing with CT Loan Cash Loan and Credit Company, which uses the webpage CT Link.
The commission said the entity is not registered as a lending company and is not authorized to operate an online lending platform.
The SEC’s advisory stemmed from a report from a registered company named CT Link Systems Inc. (CTLSI) indicating that the CT Link webpage, representing itself to be owned and operated by the corporation, is engaged in lending without authority from the commission.
A CT Loan and Cash Loan Credit application was reported and taken down from the Apple App store last May after the CTLSI received public complaints of harassment from collectors in relation to the loan availed using the app.
The app was advertised to be owned by CTLSI and its webpage contained the address and telephone number of the company.
The SEC, however, said that CTLSI is not engaged in the business of lending, developing online applications and is not involved with CT Loan Cash Loan and Credit Company.
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