 |
| Cora Wealth investments are in USD (Facebook photo) |
Filipinos in Hong Kong are being warned against putting money in an apparent pyramid-type investment scam called “Cora Wealths” which is purportedly based in the United States and promises a return of 10% per month on investments of at least US$1000.
According to a
Facebook post by the Philippine Consulate General, people behind the “potentially
fraudulent investment platform are targeting overseas Filipino workers and
investors based in the Philippines.
 |
| . |
“To lure
investors, Cora Wealths has engaged several OFWs as recruiting agents and team
leaders who are promising commissions based on the number of people enticed to
join the investment,” said the PCG.
Documents shown
to the PCG by complainants indicated that Cora Wealths appears to operate as a
pyramiding scheme where the payouts to earlier investors is derived from the
money put in by succeeding investors or victims.
 |
| PINDUTIN ITO PARA SA DETALYE |
Cora Wealths
reportedly claims to engage in real estate investment but has no valid
registration to sell securities in the Philippines or in Hong Kong, said the
PCG.
Filipinos are
reminded that the sale and trading of securities in Hong Kong require a license
from the Securities and Futures Commission (SFC) of Hong Kong.
 |
| Basahin ang detalye! |
To check the list
of corporations and individuals licensed to trade in securities, please click
on this link: https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Register-of-licensed-persons-and-registered-institutions
In the
Philippines the sale and trade of securities is regulated by the Securities and
Exchange Commission (SEC) and would need either a secondary licence for
corporations or registration as individual broker or dealer. To check if a
broker is licensed, click here: https://checkwithsec.sec.gov.ph/check-with-sec/index
The PCG
reiterated the warning that investments that promise a very high yield of
return in just a short time is highly likely to be fraudulent.
To view the PCG’s Facebook post with this warning, please go to: https://web.facebook.com/share/p/18wayUAmHW/
.jpeg)
