investment scams - updates

Rappler's latest stories on investment scams

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Court orders arrest of Kapa Ministry officers

Feb 12, 2020 - 6:15 PM

Kapa officers are accused of running a Ponzi scheme, which involves offering impossibly high returns and paying investors using the money contributed by later investors

Kapa Ministry officers face criminal charges

Jan 09, 2020 - 6:55 PM

For allegedly engaging in a Ponzi scheme, officers of Kapa-Community Ministry International face several cases in courts in Bislig City, Surigao del Sur; Quezon City; and Rizal

Malaysia arrests almost 700 Chinese over cyber scam

Nov 21, 2019 - 8:03 PM

With a fairly open visa regime and relatively developed telecommunications infrastructure, Malaysia becomes a hotspot for foreigners looking to set up centers to run online scams

Duterte makes 2nd week of November 'Investor Protection Week'

Nov 20, 2019 - 8:36 PM

Proclamation No. 846 tasks the Securities and Exchange Commission to lead the observation and celebration of the 'investor protection week' every year

Kapa-like investment group in Mindanao faces syndicated estafa complaint

Sep 25, 2019 - 5:31 PM

The National Bureau of Investigation files a syndicated estafa complaint – a non-bailable offense – against 39 individuals associated with the ALAMCCO credit cooperative

INVESTMENT SCAM. A complaint for syndicated estafa is lodged before the Department of Justice against Mindanao-based investment group Alabel-Maasim Credit Cooperative or ALAMCCO. Photo by LeAnne Jazul/Rappler

NBI files syndicated estafa complaint against Kapa Ministry

Jul 08, 2019 - 11:31 AM

(UPDATED) Syndicated estafa, a non-bailable offense, is filed against Kapa, which allegedly swindled people through donations and purported investments

KAPA's branch office in Taytay, Rizal on Sunday, June 16, 2019. File photo by Darren Langit/Rappler

[ANALYSIS] Kapa Ministry: A symptom of poor financial inclusion

Jul 04, 2019 - 11:47 AM

Beefing up financial inclusion in the Philippines could be an effective way to stifle the viral spread of Ponzi schemes like Kapa, especially in the provinces

Lapid wants investment scams covered under economic sabotage

Jul 03, 2019 - 2:29 PM

Senator Lito Lapid files a bill to expand the coverage of economic sabotage to include investment scams

SENATE COMEBACK. Senator Lito Lapid wants to include investment scams as acts punishable under estafa. File photo by Inoue Jaena/Rappler

DILG orders mayors to revoke Kapa's business permits

Jun 17, 2019 - 5:10 PM

'Marami na ang naloko at marami pa sa ating mga kababayan ang maloloko sa investment scam na ito kung hindi ito aaksiyunan ng mga mayor,' says Interior Secretary Eduardo Año

KAPA’s branch office in Tatay, Rizal on Sunday, June 16, 2019. Photo by Darren Langit/Rappler

SEC secures over P100 million of Kapa Ministry's assets

Jun 16, 2019 - 5:01 PM

'Kapa amassed wealth through an investment scam, in the guise of religion and at the expense of the investing public,' says Securities and Exchange Commission Chairperson Emilio Aquino

CRACKDOWN. The SEC says over P100 million worth of assets linked to Kapa Ministry have been secured as of June 16, 2109. Logo from Kapa's Facebook page

Members say Kapa founder Apolinario is 'modern day Moses'

Jun 15, 2019 - 2:19 PM

For a member, Kapa founder Pastor Joel Apolinario is the Moses who leads them and they are the Israelites persecuted by government for their love donations that return a 30% profit

MOSES. Kapa members call their founder Pastor Joel Apolinario a 'modern day Moses'. Photo by Bobby Lagsa/Rappler

Kapa-Community Ministry can file impeachment complaint vs Duterte – Trillanes

Jun 14, 2019 - 2:37 PM

'Para sa mga lider at miyembro ng Kapa, magfile ng kasong impeachment laban kay Duterte for culpable violation of the Constitution dahil sa pagbalewala nito sa kanilang religious freedom,' says Senator Antonio Trillanes IV

OPPOSITION SENATOR. Senator Antonio Trillanes IV has some recommendation for Kapa-Community Ministry and the Duterte administration on the Kapa controversy. File photo by Angie de Silva/Rappler

FALSE: Militant groups to 'protest' shut down of Kapa-Community Ministry

Jun 13, 2019 - 5:38 PM

It's not true that Bayan and Gabriela released a statement about Kapa or the alleged protests against its shutdown

Usurious investment schemes are haram, says sharia lawyer

Jun 12, 2019 - 10:07 AM

Salih Musa, a former head of a sharia court in Central Mindanao, says it is forbidden for Muslims to participate in schemes that give outrageous returns as it is already a form of usury

USURY IS HARAM. File photo of Islamic law expert Salih Musa of General Santos City. Photo from Salih Musa's FB account

Cebu Archbishop Palma warns public vs investment scams

Jun 11, 2019 - 9:39 PM

'Some people have ways to use schemes that fool other people,' Cebu Archbishop Palma says in a statement

ARCHBISHOP PALMA. 2017 file photo by Mars Mosqueda/Rappler

SEC intensifies crackdown vs investment scams

Jun 11, 2019 - 8:35 PM

The Securities and Exchange Commission taps law enforcement agencies to carry out 24 raids in two days against companies involved in investment scams

EXPLAINER: How Kapa Ministry took advantage of investors

Jun 11, 2019 - 8:19 PM

Kapa Ministry merges religion and social media to orchestrate one of the biggest investment scams in Philippine history

Kapa-Community Ministry Cebu office raided

Jun 10, 2019 - 8:47 PM

The raid comes 3 days after a fire destroyed the office in Compostela town in northern Cebu

Court freezes Kapa-Community Ministry's assets over Ponzi scheme

Jun 10, 2019 - 5:10 PM

The Securities and Exchange Commission calls Kapa-Community Ministry's scheme the largest investment scam in recent Philippine history

Duterte orders shutdown of Kapa-Community Ministry, other investment scams

Jun 08, 2019 - 8:17 AM

'When it is [too] good to be true, that is fraud,' President Rodrigo Duterte says of the get-rich-quick schemes offered by Kapa-Community Ministry International and others

Central Visayas’ top cop warns police vs joining investment scams

Jun 04, 2019 - 6:11 PM

The police have been monitoring the Cebu operations of Kapa-Community Ministry International, an alleged investment scam

8 foreigners, 24 Filipinos nabbed in Pasig over online investment scam

Nov 30, 2018 - 7:43 PM

The top suspect, a certain Owen Lloyd Sterling, remains at large, according to the Philippine National Police

SEIZED EQUIPMENT. Cops seized computers, phones, and routers from the raid. NCRPO photo

Woman nabbed for alleged P130-M investment scam

May 28, 2018 - 4:25 PM

Margarita Huang and her family are accused of duping hundreds of investors in 2016

ARRESTED. Margarita Huang is presented in Camp Crame after allegedly making millions out of fellow church members with an investment scam. Photo by Rambo Talabong/Rappler

Bitcoin scam 'mastermind': Release me so I can return investors' money

Apr 15, 2018 - 5:50 PM

[EXCLUSIVE] Rappler obtains a letter to investors by Arnel Ordonio, the alleged mastermind of the P900-million Bitcoin scam

'€˜MASTERMIND'€™. Arnel Ordonio is presented by the PNP to the media with his wife Leonady in Camp Crame. File photo by Rambo Talabong/Rappler

Xian Gaza surrenders to police, asks for bail help

Apr 12, 2018 - 2:44 PM

The alleged scammer apparently pokes fun at his surrender, flashing a wide smile and a peace sign inside the police station

'SURRENDERED.' The businessman, accused of scamming people, surrenders to police. Screenshot from Xian Gaza's Instagram account

Filipino couple amasses at least P900M in alleged Bitcoin scam

Apr 10, 2018 - 11:04 AM

(UPDATED) According to Criminal Investigation and Detection Group chief Director Roel Obusan, the scam is structured like a pyramid scheme but with electronic money

SEC warns public against investing in Pluggle

Oct 12, 2017 - 5:50 PM

(UPDATED) While Pluggle is registered with the Securities and Exchange Commission, it is not authorized to solicit investments

UNAUTHORIZED TRADES. While Pluggle is registered with the commission, SEC says it is not authorized to solicit investments from the public because it has not secured a license permit yet. Screenshot from Facebook page of Pluggle Inc

Court grants bail to Aman Futures scam alleged mastermind

Oct 27, 2016 - 9:26 AM

The Court of Appeals says the prosecution failed to prove that former Pagadian City mayor Samuel Co performed any overt act in furtherance of the alleged conspiracy

Former Pagadian City mayor Samuel Co in 2012. Screengrab from ANC on YouTube

Ex-PSE employee faces estafa charges over 'biggest stock scam'

Aug 03, 2016 - 8:30 PM

Jose Cecilio Jay Peñaflor and 4 others are believed to be behind the biggest scam in the history of the Philippine Stock Exchange

SEC files raps vs 'agent' for using Facebook in shady deals

Apr 05, 2016 - 8:46 PM

The commission says that Mary Grace Miranda Lapid is not registered and claimed to be an agent of firms facing cases

RCBC money-laundering scam mirrors sins of the past

Mar 29, 2016 - 10:40 AM

[EXCLUSIVE] Documents obtained by Rappler show executives of RCBC Securities knew of irregular transactions by a rogue trader early on but failed to take action

Victims of investment scam fight back

Jan 16, 2016 - 5:53 PM

Victims of an investment scam file a case against HPI Direct Sales and Trading Corporation

SCAM. Complainants launch a case against HPI Direct Sales & Trading Corporation accusing them of scamming them off their money. Image courtesy of Raffy De Guzman

SEC warns public against dealing with ex-PSE employee

Dec 29, 2015 - 12:04 PM

The unnamed individual whose firm is not registered is allegedly pooling funds from the public to be invested in PSE stocks promising quick returns as high as 50

Slam the scam: How to spot investment fraud

Dec 11, 2015 - 12:42 PM

Does the offer promise “guaranteed wealth?” Avoid these red flags and protect your hard earned money

Pyramid scam queen Rose Baladjay, husband sentenced to 7 years

Dec 09, 2015 - 2:55 PM

The Makati Regional Trial Court has ordered Multitel s Rose and Saturnino Baladjay to pay their victims P8 million

GUILTY. Rose Baladjay (right) is accused of swindling hundreds of people into investing into her firm, Multinational Telecom Investors Corporation (Multitel). A Makati Regional Trial Court branch recently ruled she is guilty on 65 counts and sentenced to 7 years in prison. File photo by Agence France-Presse/Jay Directo

PSE to public: Be vigilant against investment scams

Dec 09, 2015 - 8:20 AM

The public should never believe in solicitations for stock market investments that guarantee returns on investment the local bourse warns

The 4 'deadliest' combinations to lose money

Nov 14, 2015 - 5:20 PM

It s the season of bonuses Are you going to spend all of it right away?

HOLD IT! Don't splurge your 13th month and other bonuses, read on.

SEC to DOJ: Issue lookout bulletin order vs EmGoldex scammers

Nov 12, 2015 - 5:56 PM

Considering the gravity of the offense and the imposable penalty provided under Section 73 of the Securities Regulation Code there is a real danger that the respondents may flee the country to avoid criminal liability the SEC says

SEC WARNING. Stay away from companies promising hefty returns for small investments.

Alleged investment scam leader nabbed in Bacolod

Nov 11, 2015 - 10:37 PM

NBI says Juan Pinoy Marketing Ventures while registered with SEC is not authorized to engage in solicitation and investment taking activity

Global Intergold to SEC: Group misusing our name

Nov 07, 2015 - 11:59 AM

Global Intergold has become aware of certain activities in the Philippines by an unauthorized group that has promoted business similar to or purporting to be Global Intergold its president Jens Krebs says

LEGAL ACTION. Global Intergold said it will pursue legal actions against unauthorized group that has misused its name for illegal operations

SEC issues cease and desist order vs EmGoldex

Nov 06, 2015 - 4:45 PM

As more people are recruited into the scheme it eventually reaches a point wherein it can no longer sustain its payouts and payments will stop thereby leaving investors penniless warns the SEC s Enforcement and Investor Protection Department

WARNING. Each violation of the Securities and Regulation Code is punishable, upon conviction, with a fine of not more than P5 million ($106,484.92) or imprisonment of 7-21 years, or both.

SEC warns anew vs investment scams

Jul 22, 2015 - 5:16 PM

The commission cautions the public against SUCCESS200 and FLAG Prosperity for their unauthorized investment taking activities

SEC flags 4 firms on unauthorized investment offers

May 22, 2015 - 6:42 PM

The SEC warns the public against 2 firms luring investors with hefty returns and 2 foundations promising up to a P1 billion award in the form of Central Bank of the Philippines checkbooks

BSP warns the public versus text scams

May 13, 2015 - 6:28 PM

Apart from the central bank the Philippine Stock Exchange also warns the investing public against ‘too good to be true’ investment schemes

One Lightning Corporation submits to SEC probe

Mar 23, 2015 - 7:00 PM

Pyramiding company? The firm maintains that it is a legitimate corporation and awaits steps prescribed by the Securities and Exchange Commission

Have you been hit by ‘One Lightning?'

Mar 13, 2015 - 4:53 PM

The Securities and Exchange Commission says One Lightning Corporation has no license to sell products or accept investments beyond its registered business

Not all that glitters is gold

Feb 21, 2015 - 10:00 AM

The lure of a quick return on investment momentarily blinds many until they realize they are trapped in a scam

How to spot investment scams

Nov 18, 2014 - 4:41 PM

Want to ensure sound investments for you and your family? Here are a few tips to prevent you from being duped by fraudulent investment scams