THE Securities and Exchange Commission (SEC) warned the public against investing in a group that has been using President Ferdinand Marcos Jr.’s name and image to attract investors.
The SEC said it revoked the corporate registration of Bagong Bansang Maharlika (BBM) International Inc. in November, but recently found out that the group maintained its operations in parts of Visayas and Mindanao.
It promised investors food security, free education, free hospitalization, cash assistance, and livelihood in exchange for a minimal membership fee.
The group has also been using the president’s image as part of its marketing materials, which the SEC said creates an impression that its programs are legitimate and sanctioned by the current administration.
The SEC said those who act as salesmen, brokers, dealers or agents, representatives and promoters of unauthorized investment activities may be held criminally liable under Section 11 of the Financial Products and Services Consumer Protection Act.
They may also be found in violation of the Securities Regulation Code. (ABS-CBN News)
