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ANOTHER
suspected Internet-based “Ponzi” investment scheme is
now under close watch by the Securities and Exchange
Commission (SEC) on the heels of the breaking up by the
National Bureau of Investigation of an earlier scheme
called Francswiss.
SEC
compliance and enforcement director Hubert Guevarra
identified the suspected site as SMFund.com, whose modus
operandi appeared similar to Francswiss Investment. He
added they have a long list of entities being closely
monitored for possible online investment scams.
“But
unlike Francswiss, SMFund allows investors to invest as
low as $10 that could earn an interest of 2 percent a
day over a period of 100 days,” he said, but that SMFund
operates without a license, thus, has no right to
solicit funds from the public.
“We have
actually received complaints from two victims who lost
money in SMFund. One victim borrowed $2,000 to use as
investment while the other invested his own money. We
are now preparing the charges against SMFund.”
Guevarra
added the commission will submit to police the names of
six individuals responsible for placing print ads about
SMFund in local papers.
“One
publication was secured in
Baguio
and the ad indicated solicitation to the public,” he
said, adding, “We can’t divulge the identities of the
persons yet but definitely, charges will be filed.”
SMFUnd,
on its web site, classified itself as an independently
owned and operated financial service which manages funds
for medium to high net-worth individuals who would like
to position part of their portfolio into higher return
ratio.
SM
Investments Corp. (SMIC), the holding company of the Sy
family, reiterated it is not in any way related to
SMFund.com. SMIC senior vice president for legal and
corporate affairs Corazon Morando said, “Neither does
the SM Group of Companies sponsor or endorse any
investment scheme contained in the web site with the
domain name SMFund.com.”
She also
warned the public of another suspected online swindling
site called sminvestment.com, adding this site is also
not owned by the SM Group of Companies.
The
Antimoney Laundering Council said it is looking into
possible violations by these Internet-based investment
scam operators of the antimoney laundering law. |
