SEC warns vs loan scams impersonating registered firms
The Securities and Exchange Commission (SEC) has warned the public against entities impersonating registered companies to offer fraudulent loan products.
In an advisory, the regulator flagged unrecorded online lending platforms “Peso Maya” and “Pesolending,” which falsely used the corporate name of Micropinnacle Technology Corp. to solicit borrowers.
The SEC said that these platforms were not authorized to operate and were not registered with the SEC, raising concerns over potential consumer harm.
Separately, the regulator identified an unauthorized website that falsely claimed affiliation with Project Duo Integrated Communications Corp. to offer loan products and financial services.
The SEC said that the website misrepresented itself to gain the trust of unsuspecting individuals seeking access to quick financing options.
The SEC also cautioned against individuals and entities posing as affiliates of Carmen Credit 888 Corp.
According to the SEC, these schemes typically involve advance-fee loan scams, where victims are required to pay upfront charges before the supposed release of loan proceeds.
Fraud
Such tactics, the regulator said, are commonly used by fraudsters to extract money without delivering any legitimate financial service.
The SEC urged the public to remain vigilant and verify the legitimacy of lending companies before engaging in any transaction, especially those conducted through online platforms.
It encouraged victims and concerned individuals to report suspicious activities through its hotline and digital reporting channels to support enforcement actions.
The SEC said that it continues to intensify its campaign against illegal investment-taking and fraudulent financial schemes through advisories and financial literacy initiatives.
It also reiterated its commitment to protecting investors and borrowers by promoting awareness and strengthening regulatory oversight over unauthorized entities.
