By Keren Concepcion G. Valmonte, Reporter
THE Securities and Exchange Commission (SEC) issued six advisories this month so far, five of which flag unauthorized investment schemes while one was against a Facebook page posing as the commission.
The regulator flagged BCPay Financial Technology, Inc., Wealth on Web Company or WOW Trade, Bitrade Administration of Financial Marketing, Big Boss Marketing, and RM Trading. It also issued an advisory against SEC News and Updates Facebook Page, clarifying that it is “not, in any way, connected or affiliated” with it.
Noting the rise in investment scams, the commission held a “How to Spot and Unmask Investment Scams” on Friday as it participated in the global campaign organized by International Organization of Securities Commissions for World Investor Week.
“Investing in the capital market is perceived as complicated and intimidating. Fraudsters have taken advantage of this lack of knowledge and misguided perception to entice the public to invest in unauthorized investment schemes,” SEC Chairperson Emilio B. Aquino said.
The SEC said although some corporations or entities are registered with the commission as corporations or partnerships, a secondary license is needed to offer securities or investments to the public.
BCPay Financial Technology and Wealth on Web Company or WOW Trade are both registered with the commission, however, neither have the permit to sell securities to the public.