The National Bureau of Investigation on Friday filed a criminal case against three British nationals who are reportedly involved in “boiler room” operations.
According to Securities and Exchange Commission Director Jose Aquino, a boiler room operation is a way of solicitation or selling of securities that is under high pressure sales tactics.
The NBI said facing a case for violation of the Securities Regulation Code in relation to the Cybercrime Prevention Act of 2012 are Andrew Robson, Graham Allan Bennet and Dominic Whellams, Plustel Solutions Inc. consultant, trainer and IT expert, respectively.
Some 35 other Filipino personnel who were caught in the act of selling securities were also arrested by the NBI.
Also brought in for investigation and verification by the NBI are 172 other individuals working as data miners, qualifiers and verifiers.
The NBI said the prospective investors or potential victims were usually chosen from engineering, oil and gas and manufacturing industries.
Initial contact through the telephone was made by telequalifiers to assess the prospective victim’s financial capacity and willingness to invest.
Favorable result will then be forwarded to the verifiers who gauge the probability of an investment sign up.
Finally, encoding follows where financial information will be forwarded to the loaders who will ensure that the investor parts with their money in exchange for non-existent securities.
The NBI said verification showed that Plustel has no authority to offer securities. Plustel is operating in Maduya, Carmona in Cavite.
“There is no prior application for secondary license from the Commission,” NBI Spokesman Ferdinand Lavin said.
Lavin said they have yet to determine how much damage was caused by the operation.
“We will determine it after an interview with the victims and a forensic examination [of the computers],” said Lavin.
The NBI conducted the operation in the strength of a search warrant issued by Sta. Cruz, Laguna Executive Judge Cynthia R. Mariño-Ricablanca.
Confiscated from the suspects were computer sets, telephone sets, telephone box switch, routers, among others.