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SEC flags fraudulent ‘mining’ firm in get-rich-quick scam

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SEC flags fraudulent ‘mining’ firm in get-rich-quick scam

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The Securities and Exchange Commission (SEC) warned the public against investing in what was described as a “fraudulent” commodities company, Oriental Peak Mining.

The corporate regulator said in a public advisory that Oriental Peak was illegally soliciting investments through an apparent get-rich-quick scheme.

“The Securities and Exchange Commission has noticed that individuals or group of persons, particularly Ranillo Paz (representing himself as the president of the said entity) is soliciting from the public to invest in Oriental Peak Mining, an unregistered entity purportedly engaged in nickel mining operations,” according to the advisory.

“In the initial assessment of the activities of Oriental Peak Mining, it appears that the said unregistered entity is engaged in fraudulent transactions and in the solicitation, offering, and/or selling of unregistered securities from the public in the form of investment contract without the necessary license in violation of Sections 8, 12 and 28 of the Securities Regulation Code (SRC),” it added.

The SEC said the company was luring unwitting victims with investment packages that offer high returns.

These packages range from as little as P500 to as much as P1 million that promise a guaranteed daily profit of 5 percent for 60 days.

“At present, Mr. Paz now offers a 15-day payout where monies invested will double in just 15 days,” the corporate regulator added.

“In view thereof, the public…

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