October 20, 2021
Scam/Fraud

SEC-Davao warns public vs. new ‘fraudulent’ money scheme

The Securities and Exchange Commission-Davao advisory on the REPA/REPA Paluwagan money investment scheme (Photo courtesy of SEC – Davao)

DAVAO CITY – The Securities and Exchange Commission (SEC) in Davao has warned the public on Wednesday against investing in the new money scheme called Repa Paluwagan.

In a statement, the SEC-Davao clarified that the operation of the entity is a “Ponzi Scheme,” an investment fraud that involves the payment of purported returns to existing investors from funds contributed by the new investors.

Data from the Davao City Anti-Scam Unit (ASU) revealed that around 50 investors of the particular money scheme operation have filed complaints…

Read full article here: www.pna.gov.ph