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Avoid Rigen Marketing, SEC tells public

Avoid Rigen Marketing, SEC tells public

The Securities and Exchange Commission (SEC) has warned the public against investing in Davao-based Rigen Marketing, which has been soliciting investments with promises of high returns in a short time.

Rigen, which is based in Tagum City, Davao del Norte, entices the public to invest with a guaranteed return of 400 percent in just a month or so, the SEC said in an advisory dated May 24.

For an investment of P5,000 and a registration fee of P150, for instance, Rigen promises a P20,000 return. Meanwhile, an investment of P50,000 and a registration fee of P1,500 could earn P200,000.

“The public is hereby advised to exercise caution in investing their money in these types of schemes which may also turn out to be fraudulent investment schemes, involving the sale of unregistered securities,” the SEC said.

On its website, Rigen describes itself as a new startup company based in Tagum City that aims to “help the financial needs of individuals by providing a concrete system allowing ordinary people to have solid additional income.”

The company is allegedly operated by “big players” in foreign exchange and cryptocurrency trading.

The SEC also received reports that Rigen’s operations now extended to Davao Oriental, Davao Occidental, Davao del Sur and General Santos City.

Earlier this month, the SEC’s Davao City antiscam unit issued a cease and desist order against Rigen for operating without a business permit. —DORIS DUMLAO-ABADILLA