Zild ‘telco repair’ firm flagged for selling illegal investments
The Securities and Exchange Commission (SEC) has warned the public against investing in Zild Telecommunication Repair Services (Zild TRS), saying the entity is not authorized to solicit funds.
In a statement on Tuesday, the regulator said Zild TRS and its owner Joan De Jesus Manlapig are not registered as a corporation or partnership and lack the required license to offer securities.
Based on reports, the group has been enticing investors, particularly overseas Filipino workers, to put in as much as P450,000 with a promised 30-percent monthly return.
The SEC said such guarantees within a short period of 30 to 45 days are indicative of a fraudulent investment scheme, a common hallmark of scams.
It noted that the offering constitutes the sale of securities in the form of an investment contract, which must be registered under Republic Act No. 8799 or the Securities Regulation Code (SRC).
The commission stressed that entities offering such investments must be duly registered, while individuals selling them must be properly licensed under Sections 8 and 28 of the SRC.
However, records show that Zild TRS has no authority to solicit, accept or take investments from the public, nor to issue investment contracts or similar securities.
The SEC warned that promoters, agents and influencers involved in the scheme may face criminal liability, including fines of up to P5 million and imprisonment of up to 21 years.
The regulator reiterated that schemes promising high returns over a short period often rely on funds from new investors to pay earlier participants instead of legitimate operations.
The SEC urged victims and the public to report suspicious activities through its iMessage portal, Enforcement and Investor Protection Department or nearby SEC offices.
