Republic of the Philippines
Department of Finance
Securities and Exchange Commission
SEC Bldg. EDSA, Greenhills, Mandaluyong City
SEC PRESS RELEASE
November 6, 2015
Contact Person: Asst. Dir. Lalaine Monserate, Enforcement and Investor Protection
Department Contact Number: 584-6337
SEC STOPS GLOBAL EMGOLDEX SCAM
Victims Mostly Young Filipinos and OFWs; Millions or More Possibly Lost
SEC issued a Cease and Desist Order (CDO) yesterday, 5 November 2015, and
today filed two (2) cases before the Department of Justice (DOJ) against related
entities namely EmGoldex, Global Intergold (GIG) and Prosperous Infinite
Philippines Holdings, Corp. (PIPHC) for violations of Section 8 and 28 of the
Securities and Regulation Code (SRC) for selling or offering for sale or distribution
unregistered securities to the public and without a license, respectively. Each
violation of the SRC is punishable, upon conviction, with a fine of not more than
Php 5 Million or imprisonment of 7-21 years, or both.
The filing of the aforestated cases and the issuance of a CDO by the SEC are
products of months of investigation, including the previous issuances of SEC
Advisories and Disclaimers against EmGoldex. With the help of the DILG, PNP,
NBI and NICA, the SEC was able to gather evidence including affidavits of two (2)
victims who are active PNP officials. They have also recruited at least 95 investors.
An estimated Php 2,718,400.00 cash investment has already been made by them
with an estimated return loss of at least Php 11 Million. One of the two PNP officials
invested in EmGoldex in desperation after his house burned down early this year.
Per Asst. Dir. Lalaine Monserate of the SEC’s Enforcement and Investor Protection
Department (EIPD), the said entities operate a classic Ponzi scheme of getting
cash investments and giving high return payouts thru the recruitment of people. As
more people are recruited into the scheme, it eventually reaches a point wherein it
can no longer sustain its payouts, and payments will stop thereby leaving investors
penniless.
Originally, the entity which employed the Ponzi scheme was EmGoldex. However,
in response to SEC’s Advisories warning investors against EmGoldex, the original
entity renamed itself to GIG. PIPHC was then incorporated sometime on August
2015 to aid and assist GIG investors who were unable to obtain a return on their
investment. Currently, EmGoldex is already banned in other countries based on
international media reports.
Republic of the Philippines
Department of Finance
Securities and Exchange Commission
SEC Bldg. EDSA, Greenhills, Mandaluyong City
The selling and marketing of unregistered securities by EmGoldex, GIG, and
PIPHC are largely done online. Crimes committed in cyberspace and through the
use of Information and Communication Technologies (ICT) carry a higher penalty
as provided under the Cybercrime Prevention Act of 2012.
According to SEC Chairperson Teresita J. Herbosa, the SEC’s primary mission is
to protect Filipino investors, including Overseas Filipino Workers (OFWs) that fall
victim to these investments scams. Chairperson Herbosa also noted that the
Commission, in its commitment to protect Filipino investors, is ready to receive and
assist victims, including OFWs, with their affidavits.
The Commission also warns the public regarding the upcoming event scheduled
by the said entities at the SMX Convention Center on Sunday, 8 November 2015,
at 5:00pm wherein an estimated 2,000 people will be attending.
With the Aquino administration’s focus on anti-corruption initiatives, the SEC
challenges the individual suspects namely Mr. Kevin Miranda, Mr. Ryan Manuit,
Mr. Charles Juiz Padilla, Mr. Rabel Ymas, Mr. John Rafael Calicdan, and Mr. Paul
Alviar to face the public and take accountability for their actions.
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