Pinoys warned vs. 'patak-patak' Facebook scam

Filipino netizens were warned Monday about a new "patak-patak" investment scam targeting Facebook users.

 

The Securities and Exchange Commission said it received reports of the so-called "Pinoy Style Patak Patak" by Emgoldex Philippines, which promised victims high yields.

 

"Per verification, Emgoldex Philippines is not a registered corporation or partnership. Likewise, such entity is not authorized to solicit investments from the public as it did not secure prior registration and/or license or permit to solicit investments from the Commission as required under Section 8.1 of the Securities Regulation Code," it said, according to a warning posted by the Philippine Consulate General in Hong Kong.

 

 

Citing initial information, it said the racket promises big profits ranging from P5,000 to P10,000 for every P1,000 investment.

 

Emgoldex also promised those who invest P35,000 will get P180,000 to P360,000.

 

"In view thereof, the public is hereby advised to exercise self-restraint from investing their money into such high-yield risk investment scheme and to take the necessary precautions in dealing with the above-named entity," the SEC said.

 

The SEC also asked the public to call its enforcement and investor protection department at 584-7187 or 584-7652. — Joel Locsin/TJD, GMA News