HIgh profile scams in the Philippines - Beware greed can take you in

Ad Majorem.....Wealth Builders

If it is too good to be true, then it is a scam

Here is a list of top 5 scams in the Philippines:

From I Money - top investment scams in the Philippines

This post was inspired by the broadcast by Failon this afternoon at the  TV of  the KAPA

Some of the scams were:

1.  Legacy Group by Celso de los Angeles and this involved 12 rural banks and their eventual downfall.  Erap termed these are robbers in suits     Educated people stealing people 's money

2.  KAPA    and Rigen donations to the religious group will earn 400% per annum perpetrated by
     KAPA head Joel Apolinario.  He is in hiding right now and invokes  the  separation of church
     and state on why they should not be sued.   Pres. Duterte allegedly stopped this at the  instance
     of Pastor Quiboloy, a competing religious group. 

     It is clearly a pyramiding scam where the investment of Juan pays off interest of Pedro.
     The pyramid stops when there a no more investors. 

     This is huge scam involving probably high billions of pesos.  In an town where people are poor
     in South Cotabato collections run to as much as a P100 million  day. 

3.  Emgoldex  -  fantastic returns from Gold bars investment

4.  Aman futures.  founded by  Manuel  Amalillo a  Filipino of Malaysian descent.  He fled to Malaysia was imprisoned and has been freed.  He has not been extradited to the Philippines.  (Crime does pay?)  The mayor of Pagadian City  and his wife were allegedly involved and they got away free.

5.  Franc Swiss which offered 4.5% interest for 10 days.    Allegedly the mastermind was Eleazar del Castillo who was charged by NBI.  Its victims were high profile celebs.

There will always be scams for as long as people dream and desire high yields.  As we all know,  legal and decent returns to business are in the low single digit.   You can earn much in promising breakthrough businesses if you are lucky for multi bagger stocks like Microsoft, Google, FB, etc. But these are few.

Scams thrive in areas like Visayas and Mindanao. The scammers take advantage of the lack of financial literacy of people and lack of enforcement agencies like SEC.   And participation of local execs in the crime thereby adding to the legitimacy of the scam.

Still great returns are achieved through honest hard work  and serving customers well. And thrift/

Beware of scammers

Ad Majorem.....Wealth Builders

Many scams are being reported being committed on line.   Before robbers used guns and knives to divest individuals of valuables (they still do) but much of this old crime is being committed via smartphones.

Some modus:

1.  Prepaid orders -  pay before  delivery.  Most dont. I have been a victim of a wheelset dealer from
     Toledo City.  May they perish from Covid 19  (karma marahil why Cebu is epicenter of covid 19
      He  delivered my first order but did not hear anything more about P25,000 is paid for a wheel
      set.  Beware of far away buyers.   If you cant buy it COD or at a store, dont.   

2.  Bogus buyers.     They will order but will not appear or change their mind

3.  Pishing   -  Getting your credit card or bank account number by somebody alleging to be somebody from the bank.   He/she verifies your account and PIN number.  Tapos.   Then they clean out your account number

4. Variation of Pishing -   getting your SIM card in exchange for a new one. 

If you lose money, you lose your chance to create more wealth   

Ingat. Dont fall for scam.    People are wiser than ever to get your hard earned cash in view of the hardship in this pandemic.  They tend to be more creative