24 Nov SEC warns public against Frutas Comida
THE Securities and Exchange Commission (SEC) advised the public not to invest in Frutas Comida Zamboanga as it has not secured the permit to sell securities.
In a press release on Tuesday, the SEC said that Frutas Comida has been offering investment packages with a guaranteed 20% passive income.
On its Facebook page, Frutas Comida encourages investors to put money in the company for as low as P5,000 and as high as P50,000 with a promise of getting back P6,000 and P60,000, respectively.
“Profits distributed to member-investors supposedly come from the sale of fruits and food tray packages,” the commission said.
According to the SEC, the scheme involves the sale and offer of securities to the public through investment contracts that require securing a license from the commission.
In its initial verification, the regulator found that Frutas Comida is not registered with the commission and has not secured the license to sell securities as prescribed under Section 8 of the Securities Regulation Code (SRC).
“In view thereof, the public is hereby advised to exercise caution in dealing with any individual or group of persons soliciting investments for and on behalf allegedly of Frutas Comida Zamboanga,” the regulator said.
It further advised the public to stop investing in the scheme being offered by individuals claiming to represent the said entity.
The commission also warned individuals who will claim to act as agents of Frutas Comida and convince people to invest in the scheme that they may be held criminally liable under Section 28 of the SRC.
According to the SEC, offenders can be penalized with a maximum fine of P5 million or 21 years of imprisonment, or both. — Justine Irish D. Tabile