Poe wants Senate committee to probe on ‘get-rich-quick scams’

By , on August 3, 2015

Senator Grace Poe (Photo from Poe's official Facebook page)
Senator Grace Poe (Photo from Poe’s official Facebook page)

MANILA – Amid the One Dream Global Marketing Inc. controversy, Senator Grace Poe filed a Senate resolution, asking the Committee on Banks, Financial Institutions and Currencies to investigate on the ‘get-rich-quick schemes.’

“Would-be investors are enticed by ‘networking groups’ by emphasizing the seeming lavish lifestyle of their  ‘successful members’ through their posts on social media showcasing their money, cars, watches, free trips or other material things,” Poe said in a statement.

One Dream, a Batangas-based company, was purportedly involved in a P3-billion scam, with its investors filing a syndicated estafa case against its owner, Arnel Gacer.

Poe then wanted the Senate committee to probe on the ‘aid of legislation on relevant securities and investment laws, regulations and measures, with the end goal of introducing remedial amendments to better battle deceptive investment schemes and stop insidious networking scams.’

The neophyte senator believed that the Senate needed to ‘revisit securities and investment laws’ to ‘protect the people from being preyed upon by networking groups amid the strong appeal of marketing strategies.’

Poe asserted that the securities and investment laws have been exploited by some deceitful companies to victimize the public in bogus investments. She then cited One Dream, which was registered with the Securities and Exchange Commission (SEC) as a trading firm of goods but not of investments.

“With One Dream being a SEC-registered firm, unsuspecting investors could have been made to believe that it was safe to invest their money in the company. Amendments may have to be made to prevent companies engaged in deceitful means from circumventing existing securities and investment laws, regulations and measures,” she said.

“Desiring to improve one’s financial status and one’s quality of living by investing one’s hard-earned money is commendable and is beneficial not only to the investor but to the economy, but to prey on our countrymen through deceitful and unscrupulous means is simply wrong and the government ought to step in to ensure the protection of our countrymen’s investments and dreams,” she added.

One Dream has stopped operations on July 11, failing to pay its investors.

The SEC, for its part, warned the public against other alleged investment scams by Freedom Life Advanced Global Prosperity Marketing Incorporated and SUCCESS200 International Marketing Corporation. Both companies were not registered with the SEC.