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SEC accuses AMAN Futures Group Philippines' investment a ponzi scheme

Published on: 10-October-2012

The long-wait is over. I've been expecting this moment six (6) weeks ago. I wrote an article entitled "Is Aman Group Philippines Inc.'s "double your money" investment scheme a Ponzi scam?"on August 29, 2012.

Today, ABS-CBN and Inquirer write a tragic news report about a Philippine-based company, Aman Futures Group Philippines, Inc. (AMAN).

The Securities and Exchange Commission (SEC) accuses this company (AMAN) of engaging in a Ponzi scheme.

News reports told that AMAN allegedly swindled about P244 million from investors in Visayas and Mindanao.

SEC issued a cease and desist order (CDO) against AMAN. It has already directed the company and its officials to stop offering and selling investments from the public according to SEC Chairman Teresita Herbosa.

SEC is planning to "find basis for a criminal complaint".

Four "grave" violations of the Securities Regulation Code has been uncovered:
  1. non-registration as broker or dealer but acting as such;
  2. non-registration of securities sold as investment contracts;
  3. engaging in commodity futures contracts despite a prohibition by the SEC; and,
  4. engaging in activities that are "off tangent” with the company’s primary purpose as a general trading company.
SEC freezes the company's funds and assets. Any AMAN representatives, agents or salesmen were advised to stop transacting any businesses involving funds in its depository bank.

SEC warns the public again to be extra careful in investing their money on any too good to be true high-profit investments which may turn out to be a fraud - ponzi scheme.

sad dog

Do you know any other companies in the Philippines which you think is operating a Ponzi/Pyramiding scheme? Tell us in the comment below.

Written by: khen | Category: Business | Tags: accuses, Scheme, Group, AMAN, SEC, business, Ponzi, philippines, Futures
Views: 3637 | Comments: 8 | Rating: 0.0/0

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Total comments: 8
7 Jeremias Tamayo Paz   (26-October-2012 11:42 PM)
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5 Guest 1234   (12-October-2012 12:48 PM)
Mr. writer of this article. No offense but you are putting our beloved city of zamboanga in a bad light. Know your geography first before writing an article. according to the SEC news, its pasay city based and the investments came from pagadian city, mindanao and visayas.

6 khen   (12-October-2012 1:10 PM)
Guest 1234, thanks for you concern. Most news reports stated it as "Pasay-based or Pasay City based".

But I refer my "Zamboanga-based" statement to ABS-CBN report.

You may also question ABS-CBN's report regarding that zamboanga-based issue:

source: http://www.abs-cbnnews.com/busines....-scheme

I don't know where's the exact headquarters or principal office of AMAN. Please let us know.

If you read the actual SEC announcement or news, could you please tell us the source?

For the sake of fair report, I can delete Zamboanga-based and change it to Philippine-based.

4 00bux   (11-October-2012 10:11 AM)

3 khen   (10-October-2012 11:58 PM)
P244 million is not a small money. I'm monitoring the news kung meron na naman bang dadanak ng dugo nito. I'm sure laking galit ang nararamdaman ng mga nag-invest ng malaki at hindi bumalik ang pera sa kanila. angry

Pagadian has a lot of rebels and armed people. cool

Marami na namang nasirang pagkakaibigan nito.

2 batang luzvimin   (10-October-2012 10:07 PM)
di bali hahaha

1 darknightofjustice   (10-October-2012 9:27 PM)
bumagsak na ang aman,,, waiting for that other investment scheme naman sa list ni sir khen... hope they will stay longer... alam ninyo na kung anung company tinutukoy ko............. POWDER,,,,,,,,,,,, wahahahaha

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