Overseas Filipino Worker (OFW) community was warned by the Philippine Embassy based in Doha, Qatar to be wary of scams, particularly of activities that offer quick return of investments.
A memorandum circular released by Ambassador Wilfredo Santos made an example of Global Intergold, pointing out that according to Securities and Exchange Commission of the Philippines, said company does not exist in their files, not as a registered corporation of partnership, rendering it illegal in court as well as shady.
The entity is said to be from the discredited Emgoldex Philippines. In the advisory, SEC reported that the are news the Emgoldex Philippines is still active, with its perpetuators using the name of Global Intergold to continue their scamming and illegal investment taking activities online.
As stated, Global Intergold has not registered as corporation or partnership, hence said company is not authorized to solicit from the public because there was no license or permit to solicit from the Commissions Office as required under Section 8.1 of the Securities Regulation Code.
The ambassador stressed to the Filipino community the importance of proceeding with caution when it comes to business.
Oftentimes, the offers that are good to be true are truly too good to be true, especially because it is difficult to determine whether the opportunity is a legitimate networking-based operations or a pyramid scheme scam.
The following are a direct quote from the memo, reiterating the warning to Filipinos worldwide.
“The selling agents of Global Intergold are not authorised to offer sale, sell, and solicit investments from the public since no selling agents of Global Intergold, as of now, have secured licence from the SEC to act as certified investment solicitor, investment adviser, broker or dealer in securities, or salespersons of broker or dealer in securities.”
“In view thereof, the public is hereby advised to exercise self-restraint from investing their money into such high yield, high risk investment scheme and to take the necessary precautions in dealing with the above-named entity.”
“The public is further advised that those who participate including those who offer investment either personal or thru social media (e.g. Facebook, Instagram, etc.) in this investment-taking activity of Global Intergold are at risk of being prosecuted for criminal violation of the Securities Regulation Code.”
Philippine Business Council-Qatar (PBC-Q) chairman Greg Loayon reminds that it is not only the OFWs who are victimized or scammed.
The list also includes the other members of the expatriate communities lured by the offer of easy money, including some Qataris.
In order to be certain of the credibility of investing companies, Loayon says that it is important tocheck the appropriate registration and license of the company to operate in Qatar.
Ministry of Economy and Commerce (MEC) offices can check for the company licenses and permits while Qatar Central Bank (QCB), Qatar Financial Markets Authority (QFMA), or the Qatar Financial Centre (QFC) can be tapped for investment licenses.
Foreign firms offering investment and insurance plans are required to register in the country before being permitted to operate, otherwise they will be deemed illegal.
The chairman of the United Filipino Organisations in Qatar (UFOQ), Ed Anami has been recently informed of the circular and is in the act or distributing information to members through the UFOQ Facebook account.
A memorandum circular released by Ambassador Wilfredo Santos made an example of Global Intergold, pointing out that according to Securities and Exchange Commission of the Philippines, said company does not exist in their files, not as a registered corporation of partnership, rendering it illegal in court as well as shady.
The entity is said to be from the discredited Emgoldex Philippines. In the advisory, SEC reported that the are news the Emgoldex Philippines is still active, with its perpetuators using the name of Global Intergold to continue their scamming and illegal investment taking activities online.
As stated, Global Intergold has not registered as corporation or partnership, hence said company is not authorized to solicit from the public because there was no license or permit to solicit from the Commissions Office as required under Section 8.1 of the Securities Regulation Code.
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| Global Intergold |
The ambassador stressed to the Filipino community the importance of proceeding with caution when it comes to business.
Oftentimes, the offers that are good to be true are truly too good to be true, especially because it is difficult to determine whether the opportunity is a legitimate networking-based operations or a pyramid scheme scam.
The following are a direct quote from the memo, reiterating the warning to Filipinos worldwide.
“The selling agents of Global Intergold are not authorised to offer sale, sell, and solicit investments from the public since no selling agents of Global Intergold, as of now, have secured licence from the SEC to act as certified investment solicitor, investment adviser, broker or dealer in securities, or salespersons of broker or dealer in securities.”
“In view thereof, the public is hereby advised to exercise self-restraint from investing their money into such high yield, high risk investment scheme and to take the necessary precautions in dealing with the above-named entity.”
“The public is further advised that those who participate including those who offer investment either personal or thru social media (e.g. Facebook, Instagram, etc.) in this investment-taking activity of Global Intergold are at risk of being prosecuted for criminal violation of the Securities Regulation Code.”
Philippine Business Council-Qatar (PBC-Q) chairman Greg Loayon reminds that it is not only the OFWs who are victimized or scammed.
The list also includes the other members of the expatriate communities lured by the offer of easy money, including some Qataris.
In order to be certain of the credibility of investing companies, Loayon says that it is important tocheck the appropriate registration and license of the company to operate in Qatar.
Ministry of Economy and Commerce (MEC) offices can check for the company licenses and permits while Qatar Central Bank (QCB), Qatar Financial Markets Authority (QFMA), or the Qatar Financial Centre (QFC) can be tapped for investment licenses.
Foreign firms offering investment and insurance plans are required to register in the country before being permitted to operate, otherwise they will be deemed illegal.
The chairman of the United Filipino Organisations in Qatar (UFOQ), Ed Anami has been recently informed of the circular and is in the act or distributing information to members through the UFOQ Facebook account.
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