Goking seeks approval of law to protect local investors in Oro

COUNCILOR George S. Goking, chair of the City Council committee on trade and commerce, said he will push for the enactment of an ordinance that will protect investors from falling prey to Cryptocurrency scams.

As an offshoot of the special report of Goking about the alleged activities of Freedom Traders Club and its “Ploutos Coins,” the committee invited Securities and Exchange Commission (SEC), Department of Trade and Industry (DTI), National Bureau of Investigation (NBI), Bureau of Internal Revenue (BIR), Cagayan de Oro City Police Office (COCPO), concerned city hall offices and Mark Freeman, founder of Freedom Traders Club for a meeting on July 19.

SEC Regional Director Atty. Renato V. Egypto confirmed that Freedom Traders Club is not registered as a corporation or a partnership.

He even said it is not authorized to solicit investments from the public as it did not secure prior registration and/or license to solicit investment from the commission as prescribed under Section 9 of the Securities Regulation Code.

The City Legal Office informed the committee that Freeman, has no business permit to engage in such business.

His permit is only as a consultancy firm under the trade name of Ploutrade Management Consultancy, said Antonio Resma Jr.

Freeman was invited by the committee twice but failed to attend. According to Atty. Ramil Acol,  Freeman is  out of the country but will be back this week.

Another meeting was scheduled on Aug. 3 to hear his side on the matter.

While investigation, in aid of legislation, will continue, Goking proposed the creation of a technical working group led by SEC to come up with a legislation to protect the city’s investors.

“We should come up with guidelines so we will know what is allowed or not so that public investments will be protected,” Goking stressed.  (CLI)