Victims of a farm-to-market investment scam in the Cordillera Administrative Region (CAR) are being encouraged to come forward and file complaints with the National Bureau of Investigation (NBI). This call to action aims to prevent the suspects from continuing to defraud more individuals.
During the Kapihan sa Bagong Pilipinas press briefing held at the Philippine Information Agency's regional office, NBI-CAR Director Daniel Daganzo disclosed that over 100 victims have already filed complaints after their promised returns ceased in July. The investments made by these individuals range from PHP5,000 to as much as PHP5 million.
Filing Complaints to Stop the Scam
Director Daganzo emphasized the importance of filing complaints, not only to seek justice for the victims but also to prevent further exploitation by the perpetrators.
"Kung ma-i-file ang case, hindi na makaka-pang-biktima pa ng iba ang mga suspect. Sana magtulungan po tayo para hindi na ma-i-pagpatuloy pa ang pangloloko nila."
Daganzo also noted that the number of victims could potentially reach thousands. To ensure the success of their cases, victims are advised to provide documents that substantiate their investments.
Legal Actions and Preventive Measures
Once the complaints are filed, the NBI plans to take swift action by filing a motion with the Bureau of Immigration to issue a hold departure order against the suspects. This measure is intended to prevent them from fleeing the country and escaping prosecution.
The fraudulent scheme involved promises of large returns from investments in chicken and hog raising. Investors were told that they would receive their principal amount along with significant earnings after 45 days if the funds were used for poultry, or after four months if used for piggery.
SEC Warning and Legal Implications
The Securities and Exchange Commission (SEC) had previously issued a warning about this "paalaga" investment scheme, identifying it as a form of financial fraud. The scheme violates Republic Act No. 11765, also known as the Financial Products and Services Consumer Protection Act.
This law prohibits deceptive practices such as soliciting investments with promises of profits that are sourced from the contributions made by other investors. It also outlaws offering or selling investment schemes to the public without a proper license or permit from the SEC.
How to Avoid Falling Victim to Investment Scams
Protecting yourself from investment scams like the farm-to-market scheme requires vigilance and awareness. Here are some tips to help you avoid becoming a victim:
1. Research the Investment
Before committing any money, thoroughly research the investment opportunity. Verify the legitimacy of the company or individuals involved. Look for reviews, news articles, or warnings issued by regulatory bodies like the SEC.
2. Beware of High Returns
If an investment promises unusually high returns with little to no risk, it's a red flag. Legitimate investments usually offer returns that are proportional to the level of risk involved. Scammers often lure victims by promising guaranteed profits that sound too good to be true.
3. Verify Licenses and Permits
Always check whether the company or individual offering the investment has the necessary licenses and permits from regulatory agencies like the SEC. Legitimate investment schemes are registered and regulated to protect investors.
4. Be Cautious of Pressure Tactics
Scammers often use high-pressure tactics to push potential investors into making quick decisions without thorough consideration. If you feel rushed or pressured, take a step back and reassess the situation.
5. Consult a Financial Advisor
If you're unsure about an investment opportunity, consult with a licensed financial advisor or seek advice from trusted professionals. They can provide an objective assessment and help you make informed decisions.
6. Stay Informed About Common Scams
Keep yourself updated on the latest scams and fraudulent schemes reported by authorities. Awareness is your first line of defense against falling victim to these tactics.
By staying vigilant and following these tips, you can protect yourself and your finances from scams like the farm-to-market investment scheme. Remember, if something seems too good to be true, it probably is.
Taking Action to Protect Others
As the investigation continues, it is crucial for victims to come forward and file their complaints. This collective effort will not only help bring justice to those already affected but will also protect others from falling victim to similar scams.
Working together with authorities, victims can help put an end to these fraudulent activities, ensuring that the perpetrators are held accountable for their actions. By filing complaints and providing evidence, they can prevent the scam from spreading further and causing more harm.
Frequently Asked Questions
1. What should victims of the farm-to-market scam in CAR do?
Victims should file complaints with the National Bureau of Investigation (NBI) to help stop the fraud and prevent further victimization. It's crucial to bring any relevant documents to support their claims.
2. How can I report a farm-to-market investment scam?
To report a farm-to-market investment scam, victims need to submit their complaints to the NBI. They should provide evidence of their investments and any related documents to strengthen their case.
3. What are the signs of a farm-to-market investment scam?
Common signs include promises of high returns with little risk, pressure to invest quickly, and unlicensed operators. Scammers often use these tactics to attract and defraud investors.
4. How can I protect myself from investment scams?
To protect yourself, research the investment opportunity thoroughly, verify licenses and permits, and be wary of offers that seem too good to be true. Consulting a financial advisor can also help.
5. What actions will the NBI take against the scammers?
The NBI will investigate the complaints, gather evidence, and may file a motion with the Bureau of Immigration to issue a hold departure order against the suspects to prevent them from fleeing.
6. What is the farm-to-market scam?
The farm-to-market scam involves fraudulent schemes where scammers promise high returns from investments in agriculture, such as chicken and hog raising, and fail to deliver on their promises.
7. How does the SEC view the farm-to-market investment scheme?
The Securities and Exchange Commission (SEC) has issued warnings about the farm-to-market scheme, identifying it as a form of investment fraud that violates financial regulations.
8. What should I do if I suspect an investment scheme is fraudulent?
If you suspect an investment scheme is fraudulent, report it to the relevant authorities like the SEC or NBI. It's also helpful to gather any evidence and seek advice from a financial expert.
9. How can I find out if an investment opportunity is legitimate?
Check for proper licensing and registration with regulatory bodies, look for reviews or warnings from authorities, and be cautious of investment opportunities that promise guaranteed high returns with low risk.
10. What resources are available for victims of investment scams?
Victims can seek help from regulatory bodies like the NBI and SEC, consult with financial advisors, and access support services designed for financial fraud victims to get guidance and support.
