By CHRIS V. PANGANIBAN
SAN FRANCISCO, Agusan del Sur – Mayor Grace Carmel Paredes-Bravo has sounded the alarm over fraudulent investment schemes targeting local residents, following a public advisory from the Securities and Exchange Commission (SEC) Butuan Extension Office.
The SEC has named BG Wealth Sharing Ltd., League of Seagull Ltd. (also known as Seagull Alliance, operating under the Riscoin platform), and JFunds Business Center as the entities behind the illegal operations.
In a statement posted in her social media page on Monday, April 20, Mayor Bravo urged the public to remain on high alert, stressing that these unregistered investment schemes are promising sky-high returns without proper licenses.
The SEC revealed that BG Wealth Sharing Ltd. has been enticing investors with claims of daily compounded returns up to 1.3% through cryptocurrency trading on the DSJ Exchange platform, requiring a minimum investment of $500 (around Php 30,000). However, these claims are nothing more than a scam, with no legitimate registration or approval from the SEC.
“These fraudulent schemes are preying on hard-working individuals, especially our OFWs, and we will not tolerate it,” Mayor Bravo said. “If you have been approached by any of these entities, we urge you to report them immediately.”
The SEC is actively collaborating with the National Bureau of Investigation (NBI) to track down those behind the operations. A list of potential individuals involved in the fraud from San Francisco has already been compiled. The SEC is also working to ensure that all fraudulent activities are swiftly investigated.
The mayor emphasized that false claims, such as accusations of government corruption, will not be accepted as valid defenses in these cases. “Engaging in fraudulent investment schemes is a criminal offense,” she warned. “Anyone involved will face serious legal consequences.”
The SEC has ramped up efforts to inform the public about these scams, using media support to broaden its reach. In a February advisory, the SEC urged residents to verify any investment opportunity with the Commission before committing funds.
The SEC is calling on residents to report suspicious activities to the Enforcement and Investor Protection Department (EIPD) at [email protected] or use the SEC Check App, available on the Apple App Store and Google Play Store, to verify the legitimacy of investment schemes.
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