Tacloban: The Securities and Exchange Commission (SEC) extension office here warned Eastern Visayas residents to be cautious against deceptive investment schemes. The warning came after several individuals from Eastern Samar province were victimized by an investment scam led by an enrollee at the Eastern Samar State University’s Can-avid campus.

According to Philippines News Agency, the SEC’s initial investigation revealed that more than 100 individuals fell victim to the scam orchestrated by a 52-year-old female student from ESSU. The number of victims may potentially double or triple, as some individuals have chosen not to file a complaint. Lawyer Desiree Cuenco, SEC Tacloban extension office director, emphasized the importance of public vigilance, urging people to report suspicious investment activities to the SEC to prevent financial losses.

Cuenco highlighted that despite some victims harboring suspicions about the scheme, they proceeded with their investments. She stated that no formal complaints have been filed yet, which limits the SEC’s ability to ascertain the exact number of victims. Information gathered from social media and conversations with police suggest that the fraudster managed to collect approximately PHP11 million from the victims.

The SEC urges potential investors to verify the registration status of companies through the portal https://checkwithsec.sec.gov.ph/check-with-sec/index. It is crucial for companies offering investment opportunities to possess the necessary licenses.

To combat the proliferation of investment scams, Cuenco announced plans to enhance information dissemination and education campaigns, particularly at the grassroots level, including schools, to bolster awareness among the public.

Source: Philippines News Agency