Angry investors swarm in front of ALAMCCO office in GenSan, demand payout

A flock of investors expecting a payout from a credit cooperative in General Santos City on Monday ended up going home empty-handed.

According to Ivan Mayrina's report on GMA News' Unang Balita on Tuesday, the Alabel-Maasim Credit Cooperative (ALAMCCO) office in Barangay Lagao reportedly did not issue investors their money and instructed them to proceed to the firm's main office in Sarangani instead.

Agitated, the crowd of investors waited at the cooperative's doorstep and even banged on the door.

Some of them said they have repeatedly gone back to demand their payout from the office, but to no avail.

Last month, the Securities and Exchange Commission (SEC) ordered Alabel Maasim Mining Corp. (ALMAMICO) and ALAMCCO to stop collecting money from investors.

The companies lacked the necessary license to offer and sell investment contracts, the SEC said.

ALAMCCO and ALMAMICO guarantee at least 35% in monthly returns to investors, according to the SEC.

The scheme employed by both ALAMCCO and ALMAMICO resembles a Ponzi scheme, the SEC added. —Margaret Claire Layug/KG, GMA News