The Securities and Exchange Commission urged the public to stop investing in the scheme being offered by Billford Trading Company and Bill Ford VIP Trading Inc.
The SEC in an advisory posted on its website it received reports that Billford Trading and Bill Ford VIP, which are being operated allegedly by a certain Billy Ford Delos Santos Andrada, enticed the public to invest in the companies by buying one pig for the price of P2,500 with a promise of getting the investment back amounting to P4,375.00 in just three months.
The firms, however, are not authorized to solicit investments from the public as these entities did not secure prior registration or license to solicit investment from the Commission as prescribed by the Securities Regulation Code (SRC).
“In view thereof, the public is hereby advised to stop investing in the investment scheme being offered by the said entities and by Billy Ford Delos Santos Andrada,” the SEC said.
The corporate regulator also warned that those acting as salesmen, brokers, dealers or agents of the two two companies might be held criminally liable under the SRC and penalized with a maximum of P5 million or imprisonment of 21 years or both.
The SEC said the names of all those involved would be reported to the Bureau of Internal Revenue so that the appropriate penalties or taxes could be correspondingly assessed.
The SEC since the start of the year issued advisory against three other firms, namely Teachers Financial Coaching Program/Teachers Financial Freedon Program, Inochi/Inochi Rewards and Jethclick/ Jethclick International by Jethro and Jethro Corp.
The companies are not authorized to sell investment contracts or securities to the public for failing to secure prior approval from the SEC.
The SEC said has been going after investment scams like pyramiding and Ponzi schemes that are using popular and free social media websites like Facebook, Twitter and Linkedin to lure investors.
Ponzi scheme involves recruiters or solicitors of investments who use a scheme known as “get rich quick,” in which they promise extremely high returns within a short period of time without doing something.