Poe wants Senate probe on networking scams

Following the P3-billion investment scam involving One Dream Global Marketing, Inc., Senator Grace Poe on Sunday called for an assessment on relevant securities and investment laws to put an end to "deceptive investment schemes and stop insidious networking scams."

In filing Senate Resolution 1454, Poe urged the Senate committee on banks, financial institutions and currencies to conduct an omnibus inquiry in aid of legislation to plug the loopholes being exploited by unscrupulous companies.

The lawmaker said that One Dream is registered with the Securities and Exchange Commission (SEC) as a firm involved in trading, buying and selling of various goods, but it has no permit to engage in selling and marketing investment products.

“With One Dream being a SEC-registered firm, unsuspecting investors could have been made to believe that it is safe to invest their money into the company. Amendments may have to be made to prevent companies engaged in deceitful means from circumventing existing securities and investment laws, regulations and measures,” Poe said.

At least 20,000 people have been victimized by multi-level networking firm One Dream, most of whom are from the province of Batangas.

Syndicated estafa charges have already been filed against One Dream officers led by owner Arnel Gacer for the operation and recruitment of prospective investors using the system profit scheme.

Under the scheme, a pay-in of P888, which is equivalent to one slot, gives an investor access to an exit or pay-out window of P1,300 after four days. For a P1,776 pay-in, the pay-out amounts to P2,517.60, and so on, the complainants said.

Poe said the government should already intervene to protect the public from being preyed upon by “networking groups” amid the strong appeal of their deceptive marketing strategies.

“To prey on our countrymen through deceitful and unscrupulous means is simply wrong and the government ought to step in to ensure the protection of our countrymen’s investments and dreams,” Poe said. —Kathrina Charmaine Alvarez/LBG, GMA News