MANILA, Philippines - The Securities and Exchange Commission (SEC) has issued an advisory warning the public against F.L.A.G. Prosperity Marketing Inc. which has been soliciting investments without the appropriate permit.
In a notice, the SEC said F.L.A.G. Prosperity (also known as Freedom Life Advanced Global Prosperity Marketing) is not authorized to solicit investments from the public as it did not secure prior registration and/or license from the Commission.
“In view thereof, the public is hereby advised to exercise self-restraint from investing their money into such investment scheme and to take the necessary precautions in dealing with the above entity,” the SEC said.
According to the SEC, F.L.A.G Prosperity and multi-level marketing firm One Dream Marketing Inc. have common incorporators, namely Arnel Gacer and Jobelle de Guzman.
An investigation conducted by the SEC showed that while One Dream is based in Calamba, Laguna, it also operates in the provinces of Batangas, Bicol, Quezon and Isabela as well as in the National Capital Region.
F.L.A.G is engaged in investment-taking activities where one is enticed to invest a minimum P1,500 with a promised return of P2,200.
The SEC has urged the public to report to its Enforcement and Investor Protection Department any information regarding the operation of the company.
Last Tuesday, a group of investors filed a complaint against One Dream officials – Ariel Gacer, Richard Ramos, Jay-Ar de Guzman, Marlon de Guzman, Judith Itoh, Jun de Guzman, Lui de Guzman, Linda de Guzman, and Joel de Guzman.
Based on their complaint, One Dream offers a pay-in of P888, equivalent to one slot, with an exit or pay-out window of P1,300 after four days. For a P1,776 pay-in, investors will receive P2,517.60.
An investor earns an additional P44 for every referral or recruit.
However, on July 11, the company suddenly stopped operating after other investors complained they were not getting the pay-outs the company had promised.