Last Thursday, January 23, 2020, the Securities and Exchange Commission (SEC) issued a warning on its website following a pig investment scam operating in the market. Based on the announcement made by the SEC, the entities and organizations responsible for the scam failed to obtain necessary documentation and licenses.
The organizations in question are named Billford Trading Co. and Bill Ford VIP Trading, Inc. reports Business World Online. The individual responsible for the pig investment scam is allegedly Billy Ford Delos Santos Andrada.
The advisory reads, “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.”
According to Business Inquirer, both companies were inviting individuals to invest a minimum of P2,500 per pig. After the initial investment by interested parties, both companies promised to increase and return the amount given by the investor to P4,375 within three months.
Seemingly attractive returns depend on the number of pigs an individual invests in. Based on the article released by Business World Online, a person who invested in five pigs amounting to P12,500 will get P21,875 within the next three months.
Meanwhile, a P100,000 investment for 40 pigs will supposedly allow the investor to get P175,000 in return.
Following this scheme, the Securities and Exchange Commission announced that the public refrain from doing business with the concerned groups and individuals.
In a statement, the SEC said, “The public is hereby informed that Billford Trading Company and Bill Ford VIP Trading, Inc. are not authorized to solicit investments from the public as these entities did not secure prior registration and/or license to solicit investment.”
Prior to operating, the SEC requires specific entities to register securities. Violation of these will result in a P5 million fine, 21 years of imprisonment, or both. Individuals who were involved as middlemen, agents, dealers, and salesmen will likewise be fined.