The National Bureau of Investigation (NBI) arrested a woman on September 30 after she was caught running an illegal investment scam that targeted military pensioners such as retired members of the Navy, Army, and Air Force.
According to the investigation, the group is soliciting investors without a license from the Securities and Exchange Commission (SEC). They promise high profits but the money collected is used in the wrong way. They charge processing fees and only provide small returns to those who invest and borrow.
One of the victims, Ret. Commander Bernard Jacob of the Philippine Navy, lost most of his retirement money after an agent encouraged him to invest while he was still waiting for his pension. Instead of business, he received bouncing checks.
Also, Ret. 2nd Lt. Napoleon Ostil, 75 years old, borrowed ₱500,000 and invested it after being promised a 10% to 15% monthly return. At first he had an income but when December came, he was only given ₱10,000 each.
According to the NBI, the suspect used his connections within the military community because his late wife was also a soldier. Because of this, he quickly gained the trust of the retired soldiers. Through an entrapment operation, he was finally caught.
The woman is now facing charges of estafa and violation of the Financial Products and Services Consumer Protection Act (RA 11765) and the Securities Regulation Code (RA 8799).
The NBI reminded the public to ensure that anyone soliciting investment has a secondary license from the SEC. It is not enough to just have a registration—a secondary license will ensure that your money is protected.
