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Information gathered by the Securities and Exchange Commission (SEC) of the Philippines revealed that ALMAMICO/ALAMCCO is soliciting investments from the public.
The said company promised 35% monthly interest of the invested amount to its members. However, verification of the commission disclosed that ALMAMICO/ALAMCCO is not registered with the SEC.
Hence, the company is not authorized to offer investment products. Full text of the advisory is quoted below:
The public is hereby warned concerning the investment taking activities of ALMAMICO/ALAMCCO.
ALMAMICO/ALAMCCO is enticing the public to become their member through an investment opportunity. The scheme is to offer 35% interest per month of the invested money, a promised interest rate that is too high to sustain their claims that every member will receive as long as the cooperative operates.
Per verification, ALMAMICO (Alabel-Maasim Small Scale Mining Cooperative)/ALAMCCO (Alabel-Maasim Credit Cooperative) is NEITHER registered as a corporation NOR as a partnership. Thus, NOT being registered with this Commission as a corporation nor as a partnership, it is with more reason that they are NOT allowed to offer, solicit, sell or distribute any investment/securities from the public as the same requires a secondary license for such activity.
As we always keep on reminding the public, such investment opportunities are in the nature of investment contracts, which in turn are considered as securities subject to the regulatory authority of this Commission. The offering or sale of securities to the public without a permit or license from the Commission is a violation of Section 8.1 of the Securities Regulation Code (SRC).
We REITERATE that, those who act as salesman, brokers, dealers or agents of ALMAMICO/ALAMCCO in selling or convincing people to invest in the investment scheme being offered by ALMAMICO /ALAMCCO including solicitation or recruitment through the internet may likewise be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code (SRC) and penalized with a maximum fine of Five Million pesos (P5,000,000.00) or penalty of Twenty One (21) years imprisonment or both pursuant to Section 73 of the SRC.
Accordingly, those who invite or recruit other people to join or invest in this venture or offer contracts or securities to the public may be held liable or accordingly sanctioned or penalized in accordance with the Supreme Court decision in the case of SEC vs. Oudine Santos (G.R. No. 195542, March 19, 2014).
In view thereof, the public is hereby advised to exercise caution before investing in these kinds of activities and to take the necessary precaution in dealing with ALMAMICO/ALAMCCO or its representatives. Should you have any information regarding the operation of the subject entity please call the Enforcement and Investor Protection Department at telephone numbers 818-6337 and 818-5324.
For guidance of the public.