Mayor warns vs. investment scams

BAGUIO CITY – Mayor Mauricio Domogan on Wednesday warned anew the public to be careful in joining investment companies especially those collecting large sums to avoid becoming victims of scams.

The mayor issued the warning as complaints against a company identified as Bullion Buyer Ltd. reached him last week.

The company invited the mayor to serve as inspirational speaker in its recent event supposedly for the “launching of books and livelihood program for beneficiaries” and the mayor’s presence was reportedly taken by some prospective investors as an endorsement and guarantee of the firm’s legitimacy.

The complainants however reportedly found out that it was not registered with the Securities and Exchange Commission (SEC) and lodged complaints with the National Bureau of Investigation.

The mayor clarified that he is not in any way connected with the company and was there merely to fulfill his obligation to welcome the participants based on the invitation.

He said that in his speech, he even repeatedly cautioned the participants to be vigilant against investment companies that collect money.

He said he was even given assurance that the company does not collect cash so he was surprised that there were complaints.

“I was really hoping that the company is legitimate because the livelihood program will really help our people but in my talk I kept on emphasizing that they should not be collecting money,” the mayor said.

“We don’t want anyone to fall victim to scams so we should always be careful,” he said.
The mayor said he encouraged the complainants to verify with the NBI and validate if the company is legitimate or not. /Aileen P. Refuerzo#


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