THE Securities and Exchange Commission’s (SEC) consistent efforts toward investor protection have come to fruition as it assisted its US counterpart in the conduct of investigations into fraudulent investment-taking activities by Forsage.
“We, at the SEC Philippines, commend the US SEC for bringing down an investment scam of this scale and proportion, stopping it from further victimizing helpless individuals across the globe,” SEC Chairman Emilio Aquino said.
“The SEC Philippines is always ready to collaborate with its counterparts in other jurisdictions, as well as other regulators, to stamp out investment scams in other parts of the world. We remain committed to promoting the rights and welfare of investors, as we work toward the common goal of protecting the investing public,” Aquino added
In an August 1 press release, the US regulator said that it had charged 11 individuals for their roles in creating and promoting Forsage, which allegedly raised more than $300 million from millions of retail investors worldwide, including the Philippines.
Charged were the four founders of Forsage and three US-based promoters who endorsed the investment scam on its website and social media platforms as well as members of Forsage’s promotional group called Crypto-Crusader, which operated in the United States from at least five different states.
