Oct 22, 2021 @ 14:02
Charges filed vs 3 persons in Ponzi-like investment scheme
The National Bureau of Investigation has formally filed charges against 3 persons allegedly involved in an investment scam that duped investors of multi-million pesos.
Charged before the Quezon City Prosecutor’s Office are Lotta Love Reyes, Beatriz Pia Espina White a.k.a. Pia Espina, and Jose Narciso Terrado II a.k.a. John Terrado II. They are officers of Aurea Organica.
They were charged with violation of Republic Act No. 8799 (Securities Regulation Code) and syndicated estafa.
In a press statement, NBI Officer-in-Charge (OIC) Eric B. Distor said that Aurea Organica “milked millions of pesos from unsuspecting victims who were lured to invest their money in exchange for thirty percent (30%) return after thirty (30) days.”
The company uses beauty essentials such as whitening soap, oils, skin toner, and perfume as the face of their business.
Upon verification, the company was not registered with the Securities and Exchange Commission (SEC) nor does it possess a secondary license to operate as an investment company.
Arrested during an entrapment operation was respondent Reyes, supposedly the company secretary.
Distor cautioned the public in entering into these kinds of investment scam or Ponzi schemes.
According to SEC, the public can notice a Ponzi scheme with its guaranteed high investment returns, unlicensed or unregistered sellers, and overly consistent returns.
The NBI advised the public to be vigilant and to report these kinds of illegal activities.