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SEC CRACKDOWN ON INVESTMENT SCAMS
« on: December 04, 2019, 06:02:00 PM »
SEC CRACKDOWN ON INVESTMENT SCAMS GETS BOOST FROM INVESTOR PROTECTION WEEK DECLARATION

The Securities and Exchange Commission (SEC) is poised to further advance its investor protection campaign, as President Rodrigo R. Duterte declared the second week of November as Investor Protection Week.

The President on November 15 issued Proclamation No. 846 “Declaring the Second Week of November of Every Year as Investor Protection Week,” amid the Commission’s intensified crackdown on investment scams.
“[T]here is a need to reinforce efforts to inform and educate the public on financial literacy, investor rights and responsibilities, and risks of investment, through the conduct of programs aimed at reducing the investing public’s vulnerability to fraudulent schemes,” the proclamation noted.
The declaration of the Investor Protection Week aligns with the state policy embodied in Republic Act No. 8799, or the Securities Regulation Code, to protect investors, ensure full and fair disclosure about securities, and minimize if not eliminate insider trading and other fraudulent or manipulative devices and practices, which create distortions in the free market.
The President tasked the SEC, in coordination with the Presidential Communications Operations Office, to lead the observance and celebration of the Investor Protection Week on the second week of November of every year.
The SEC is the national government regulatory agency charged with the supervision of the corporate sector, the capital market participants, and the securities and investment instrument market, and with the protection of the investing public, by virtue of Republic Act No. 11232, or the Revised Corporation Code, the Securities Regulation Code and other pertinent laws.
The President further directed all other departments, bureaus and agencies of the national government, including government-owned or -controlled corporations and state universities and colleges, to provide assistance to the SEC. The President also encouraged all local government units, as well as the private sector to actively participate in the celebration of the Investor Protection Week.
“We thank President Duterte for providing another significant thrust to our unrelenting efforts to protect the investing public from fraudulent and predatory investment schemes through the declaration of the Investor Protection Week,” SEC Chairman Emilio B. Aquino said.
The SEC has been stamping out various forms of investment scams, from boiler-room operations to pyramiding and Ponzi schemes. This year alone, the Commission has issued advisories flagging at least 65 groups soliciting investments from the public without the necessary license. It has also issued cease and desist orders against 10 groups.
Meanwhile, the SEC has revoked the certificates of incorporation of five corporations, as well as filed criminal complaints against five entities for defrauding the public through investment scams.
“While we crack down on individuals and groups taking advantage of the vulnerable, we have to empower the public to discern and reject predatory and fraudulent investment schemes to prevent them from reemerging,” Mr. Aquino noted.
“The declaration of the second week of November of every year as Investor Protection Week adds emphasis to the importance of financial literacy in putting an end to investment scams.”
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