SEC warns public vs bogus firm

MANILA, Philippines - Corporate regulators warned the public not to transact with a bogus and unregistered investment firm.

In a public notice, the Securities and Exchange Commission (SEC) said it received several inquiries whether Temecula Financial Resources Inc. is allowed to offer securities to the public.

“Based on the records on file with the SEC, Temecula Financial is not a registered issuer of securities under Sections 8 and 12 of the Securities Regulation Code,” SEC said.

“Further, Temecula Financial was not issued a secondary license as a broker and dealer of securities, dealer in government securities, investment adviser or an investment company, investment house and transfer agent,” it added.

Temecula Financial has ties with Temecula Investment Ltd. based in British Virgin Islands.

Under its registration papers with the SEC, Temecula Financial’s primary purpose is to provide financial advisory on investment opportunities and to provide assistance on trade process and trade execution services.

“The incorporators, directors and stockholders of the company were likewise not issued a certificate of registration as registered associated person, compliance officer and salesman,” SEC said.

Hence, the investing public should be guided accordingly when dealing with Temecula Financial.

SEC is stepping up its efforts to warn the public against fraudulent business practices.

In March, the watchdog advised the public not to fall for online investment scams, pyramiding schemes and unauthorized pre-need firms that are mostly preying on investors in provinces.

Late last year, Pagadian-based Aman Futures Group Philippines Inc. was exposed as a P12-billion investment scam, defrauding thousands of politicians, professionals, businessmen and employees.