The Securities and Exchange Commission (SEC) has warned the public against investing in Frutas Comida Zamboanga, which offers guaranteed returns of 20 percent per month on its investment products.
In a report dated November 24, the agency reported Frutas Comida’s investment solicitation activities as the group failed to obtain required SEC registration and related securities registration order and authorization to offer and sell securities.
Posts on Frutas Comida’s Facebook page show that the company has encouraged investors to invest amounts between 5,000 and 50,000 pesos in exchange for monthly returns of 6,000 to 60,000 pesos. Investments are collected through online banking channels and other digital payment platforms
Profits distributed to member investors are said to come from sales of fruit and meal tray packs. Frutas Comida also noted that investors just have to invest in their business and wait for the 20 percent return every month.
The system involves the sale and offering of securities to the public in the form of investment contracts, in which a person invests their money in a common enterprise and is led to expect profits primarily from the efforts of others, according to enforcement and government officials Investor Protection Agency of the SEC Division.
Records show that Frutas Comida is not registered with the SEC as a corporation or partnership, nor is it authorized to solicit investments from the public, as it has not secured the necessary license to view securities or solicit investments.
“In view of the above, the public is hereby advised to exercise caution in dealing with any individual or group of people soliciting investments for and on behalf of Frutas Comida Zamboanga. The public is further advised not to invest or to stop investing in the investment program being offered by persons claiming to represent the company,” the SEC said.