Emgoldex Philippines not registered, SEC issues advisory

The Securities and Exchange Commission has issued on advisory for netizens to exercise self-restraint from investing on Emgoldex Philippines.


SEC ADVISORY [Download]

The Securities and Exchange Commission has received reports that Facebook netizens are being invited or enticed to invest their money in EMGOLDEX PHILIPPINES "Pinoy Style Patak Patak" for a promise of huge profit/high returns where an investment of One Thousand Pesos will earn profits ranging from Five Thousand to Ten Thousand Pesos or a placement of Thirty Five Thousand will yield One Hundred Eighty Thousand to Three Hundred Sixty Thousand Pesos (1K = 5K to 10K payout or P35K = 180K to 360K payout).

Per verification, Emgoldex Philippines is not a registered corporation or partnership. Likewise, such entity is not authorized to solicit investments from the public as it did not secure prior registration and/or license or permit to solicit investments from the Commission as required under Section 8.1 of the Securities Regulation Code.

In view thereof, the public is hereby advised to exercise self-restraint from investing their money into such high yield-high risk investment scheme and to take the necessary precautions in dealing with the above named entity.

Should you have any information regarding the operation of the said entity, please call the Enforcement and Investor Protection Department at telephone numbers 584-7187 or 584-7652.


In its Facebook page, Emgoldex Philippines has this to say:

Be calm. They are just trying to scare you. Everything is legit. People are just close minded to see that emgoldex will make people successful. ‪#‎crabmentality"‬

The investment company posted that they are "an online store of goldbars, precious metals, with over 200 countries participating in their marketing programs, operating for 5 years."

Claiming that its office is located in Germany, Emgoldex Philippines insisted that the public should not ask for legal papers from SEC or DTI because its office is not in the Philippines.

Here's their lengthy explanation: