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SEC now ready to file charges vs Freeman

By LITO RULONA, Correspondent .

THE Securities and Exchange Commission here said it is now ready to file charges against the Freedom Traders Club (FTC) and its founder Mark Freeman.

SEC regional director Renato Egypto said the Commission’s regional office already concluded its investigation on FTC and it is only awaiting the final move of its central office.

“After the issuance of the cease and desist order, we will also immediately file the criminal case against Mark Freeman, the founder of FTC. Pwede na ang SEC mismo ang mo-file sa kaso but mas bug-at nga dunay mga complainant,” he said.

Egypto said SEC is now coordinating with the National Bureau of Investigation as it prepares a case against FTC operators and recruiters.

This came as the city council’s committee on trade, commerce, and industry reiterated the urgency to form a task force.

Councilor George Goking said Egypto himself proposed that the local government start imposing strict regulations on groups conducting seminars and lectures on cryptocurrencies and foreign exchange in the city.

The proposed Anti-Scam Task Force would be composed of heads of top government agencies in the region and would be led by the mayor as chairman.

One of the recommended functions of the anti-scam task force is to track the proliferation of online scams, loan sharks, and fraudulent companies.

“We also recommend to include the Anti-Money Laundering Agency and the Bangko Sentral ng Pilipinas tungod kay daghan nakabantay nga daghan diri ang victims of investment scams especially online investments scams,” Goking said.

Goking said the NBI is now on the process of preparing cases related to online investment scams and are only awaiting the word from the BSP.


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TREND MAKER. Mindanao Gold Star Daily was established in 1989 to set ablaze a new meaning & flame to the local newspaper business. Throughout the years it continued its focus and interest in the rural areas & pioneered the growth of countryside journalism.

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