The Securities and Exchange Commission (SEC) has warned the public against investing in Frutas Comida Zamboanga, which has been offering a 20 percent return per month.
According to the SEC, Frutas Comida Zamboanga has not secured the necessary registration from the corporate watchdog and permit to sell securities.
Frutas Comida’s Facebook page showed that it has been urging the public to invest between P5,000 and P50,000, in exchange for monthly returns of P6,000 to P60,000, respectively.
Investments are collected through online banking channels and other digital payment platforms.
Profits distributed to member-investors supposedly come from the sale of fruits and food tray packages.
SEC said Frutas Comidas’ scheme involves the sale of securities to the public in the form of investment contracts, whereby a person invests his money in a common enterprise and is led to expect profits primarily from the efforts of others.
“The public is further advised not to invest or to stop investing in the investment scheme being offered by any individuals claiming to represent said entity,” the SEC said.
