DAVAO CITY (PIA) – The Securities and Exchange Commission (SEC) Davao Extension Office has warned the public against unauthorized investment schemes operating in the region.
SEC Davao regional directory Atty. Katrina Jamilla P. Estares said that one of these is the Tabernacle House of Worship, which is the new name of Hasmadai Foundation, Inc.
Estares said that the Commission issued on 21 May 2024, a cease and desist order against Hasmadai Foundation, Inc., Humanitarian and Spiritual Mission Apostulates of Davao and Asia, Inc. and Humanitarian Institute of Technology Corp.
Based on investigation, Tabernacle and Hasmadai Foundation are the same entity, “kasi nakikita namin na pino-promote nila ang isat-isa (because we noticed they are promoting each other),” Estares revealed during an episode of the Gobyernong Balitaan of the Philippine Information Agency Davao Occidental.
She warned the public to be vigilant on fraudsters, which may be using other several names, but they carry out the same schemes.
“So dapat maging careful na ang mga tao na makipag deal sa mga entities na nag sasabi sa kanila na mag invest sila. Regardless sa mga pangalan, dapat alamin ng mga tao yung scheme (the people should be careful in dealing with entities telling them to invest. Regardless of their names, the people must be aware of the scheme).”
Estares said that so far Hasmadai’s operations are observed in Region 12. “Walang nakikita sa ngayon (Davao Region). Baka patago silang nag ooperate. Sinasabihan ang mga tao, huwag na silang mag invest (There are no sightings so far. Maybe they are operating discretely. We are informing people not to invest),”.
SEC Davao has also listed Tradexpert as another unauthorized investment scheme. Tradexpert allegedly provides a hands-free trading experience, utilizing their innovative trading bot designed to maximize returns while minimizing risks.
Estares also warned the public on the proliferation of the tasking and recharging scam, where an investor is promised fast and large profits, showing indications of a “Ponzi Scheme.”
She said that the modus operandi targets job applicants offering work from home arrangements and assigning tasks for completion.
Once the tasks have been completed, the victim needs to recharge their account and is asked to pay just so they get their salary or commission, she explained.
The unauthorized investment scheme is one of the inquiries that the SEC Davao Extension Office has received, she said.
Another inquiry is about non-stock organizations/non-government organizations promoting and offering so-called “assured benefits” in the form of food security, medical services, livelihood, free education and cash assistance for the senior citizens starting 50 years of age and above, among others.
Estares said that although they are SEC-registered, these organizations are not among those social welfare development agencies with valid registration/license to operate or accreditation with Department of Social Welfare and Development (DSWD).
“There are organizations who are truthfully providing assistance. But there are entities offering “too good to be true” promises,” she stated. (CLC/PIA Davao)
