The SEC Cebu Extension Office (SEC-CEBEO) released an advisory against Loan Star Investor Corporation which has been using a fake SEC Certificate in victimizing the public through a scheme called Advanced Fee Loan Scam or Advance Fee Loan Fraud.
The public is advised not to interact with persons representing the unregistered lending company.
The SEC certificate it is using bears the name LOAN STAR INVESTOR CORPORATION under SEC Reg. No. CS201314761 allegedly issued by SEC-CEBEO.
Loan Star Investor Corporation is NOT registered with the SEC and this certificate is undeniably FAKE.
Advance Fee Loan Scam or Advance Fee Loan Fraud is a scheme where the victims are required to pay a certain amount in exchange for the release of the loan.
Victims are required to make a deposit as proof of their repayment capability, emphasizing that this is not a fee but will be added to the loan proceeds that they will receive.
Additionally, victims are prompted to provide their bank account details and are later instructed to deposit another amount to unfreeze their account, ensuring that the loan proceeds can be disbursed.
“Financing or Lending Companies are not allowed to require clients to pay out cash in exchange for the approval or release of their loans,” SEC-CEBEO Director, Atty. Sheara Lupango-Tamayo emphasized.
Upon investigation, the company has been found to operate its scheme through Facebook Account TEACHER & GOVERNMENT EMPLOYEE PERSONAL LOAN (https://www.facebook.com/profile.php?id=61555748742157).
Persons who are engaged in these kinds of activities are liable for violation of Article 315 Swindling (estafa) and/or Article 172 (falsification) of the Revised Penal Code (RPC) of the Philippines.
Victims may ask the assistance of the Philippine National Police (PNP) and the National Bureau of Investigation (NBI) in filing criminal complaints against perpetrators of these scams.
They may also send information or reports on persons or entities using the said fake SEC Certificate and/or engaging in the above-mentioned scheme to the Enforcement and Investor Protection Department via email at [email protected] and the SEC Cebu Extension Office at [email protected]. (PR)
