Pinoys Lost Billions of Pesos from Fake Investments

Investment scams don’t kill people. They kill dreams, hopes, and confidence in a long term future plans. Salve Duplito gave us the biggest investment scams in the history of the Philippines.

There are dozens of small-scale scams coming and going every year but the following fake companies had shocked the Filipino community in the last 20 years.

Victims range from high-profile people like celebrities, government officials, businessmen, and even middle-to-lower class employees who dream to make tons of money overnight.

Must Read:  Emgoldex, Goldxtreme, NBO, etc and the Scammers Behind Them

10. Francswiss Investment (March to July 2007)
Known loses: P1 billion

FrancSwiss was a high-yielding investment program that ran from March to July 2007. It was classified as an internet ponzi scheme and promised investors 4.5% interest daily for their minimum investments of USD1,000., which could be encash through Internet-to-bank transactions

“Some of the victims included politicians and celebrities. It folded after a media report called investors to withdraw their money and the pyramid collapsed,” Duplito told ANC’s “On The Money.”

The National Bureau of Investigation filed estafa charges against Eleazar Castillo, chief financial adviser of FrancSwiss

9. Swiss Mutual Fund International Scam (2006-2007)
Known loses:  More than $800M estimated (world). Around P1.5B billion in Philippines

The Swiss Mutual Fund or Swisscash was an offshore investment company headquartered in the Commonwealth of Dominica. Despite the inclusion of the word Swiss in its name, the Swiss Mutual Fund’s board of directors is composed solely of Dominican citizens, and the company does not appear to have any significant ties to Switzerland. It hit the Philippines between 2006 and 2007.

8. Royal Manchester Five Trading Corp. Scam (2005 to 2008)
Known loses:  P2 billion

A currency trading program that promised 4 percent per month guaranteed return to investors in 2008.

Minimum investment was P100,000 locked-up for six months  with fixed interest of 4% per month. Payment was post-dated checks.

7. Tibayan Group Investment Corp.  (2001-2003)
Known loses: P2 billion

Tibayan Group was mutual fund scheme that guaranteed 3 to 5 percent a month for a six-month to 1 year lock-in period. The Securities and Exchange Commission filed a criminal complaint against The Tibayan Group of Companies Inc. for selling unregistered securities in violation of the Securities Regulation Code.

2 Billion Pesos Lost in Batangas Scam

6. Bancap Scam (1990s)
Known loses:  P2.5 billion

Those familiar with “Bancap” would immediately recall Marilyn Nite — president of Bank Capital Development Corp. who victimized banks and investors by selling treasury bills several times over, with different individuals believing they were the owners of the same T-bill. The scam became so successful that Nite — who was aided in her operations by Nunelon Bradley and Vicky Magalona-Escalambre — got away with P2.5 billion (approximately $200 million).

5. Mateo Management Group (2003)
Known loses:  P4.3 billion

“In 2003, couple Ervin and Evelyn Mateo enticed at least 20 people to invest billions of pesos by promising high guaranteed returns. They disappeared after getting the investment,” said Duplito.

Government filed 30 counts of estafa against the Mateos and other officers. It has been 10 years since investors took an oath in prosecutor kimpo’s office and no update as of 2014

4. Performance Investment Products Corp (2007)
Known loses: P11 billion

Inquirer called it “The scam that rattled high society”.  In 2007, an alleged forex trading outfit duped people who were blinded by the 10-15 percent guaranteed return being offered.

“This was a scam that victimized mostly rich people, some got in thinking too many important and smart people can’t be wrong. Evidently, they were,” said Duplito.

3. Aman Futures Group
Known loses: P12 billion

In 2012, over 100,000 families in Pagadian City were enticed in commodities trading investments that offered up to 80 percent profit in 20 days. A manhunt is still ongoing for founder Aman Amalilio. Aman Futures is the biggest scam in the history of Southern Philippines.

2. Multinational Telecom Investors Corp. (2002)
Known loses: P25 billion

In 2002, more than 950,000 individuals got burned in this investment scheme that offered 4 percent to 5 percent a month.

In March 2003, Rosario Baladjay (the alleged founder and operator) was arrested in Mangaldan, Pangasinan after authorities began cracking down on Multitel. One investor, upon watching the news, immediately drove to its Makati Office but discovered that the room was already bare.

1. Legacy Group (2008)
Known loses: P30 billion

In 2008, Celso de los Angeles’ group of companies offered motorcycle loan and investment loan programs with guaranteed commission of up to P15,000.

Angeles was put in jail and died of cancer in 2012.

“All these scams depended on fresh victims, charismatic leaders, greed among investors, and misplaced trust,” Duplito said.

Duplito warned that several companies allegedly involved in cash scams, namely Emgoldex, its Philippine counterpart Goldxtreme, and One Lightning Corp., are still operating.

Other small-scale scam programs in the past includes Family First (2002-03), First Quadrant (2003-04), NBO-Global (20014), and many other so-called monolines.

/Dina Lito/ Assisted Press Manila

Source: Abs-CBN, The Phil. Star

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