SEC keeps warning vs GoldXtreme

MANILA, Philippines - The Securities and Exchange Commission (SEC) has reiterated its stern warning against gold trading company GoldXtreme.

SEC spokesperson Atty. Arman Pan said the Enforcement and Investor Protection Department (EIPD) is still evaluating the marketing plan submitted by GoldXtreme and that the advisory against the company has not yet been lifted.

“On July 28, GoldXtreme filed with EIPD its marketing plan, essentially saying it is not soliciting investments from the general public. EIPD is evaluating the marketing plan and will formally respond to GoldXtreme. Meanwhile, the advisory stands,” Pan said.

Last June, the SEC warned the public against dealing with GoldXtreme, saying the company is not authorized to solicit investments from the Commission as required under Section 8.1 of the Securities Regulation Code.

“In view thereof, the public is hereby advised to exercise self-restraint from investing their money to such high yield-high risk investment scheme and to take necessary precautions in dealing with the above-named entity and or its representatives,” the SEC said in its advisory.

The gold trading firm argued the company is not included in the list of firms issued cease and desist orders by the SEC for offering investment-type products without proper authorization,

“There are currently 73 companies included in the list, and I can assure you with 100 percent certainty that GoldXtreme is not one of them,” company counsel Dennis Manalo said in a statement.

Manalo said GoldXtreme’s only business is to sell gold. “It just so happens that the (company) offers a commission and incentive program to existing clients who refer others to buy gold,” the lawyer said. “

The SEC has been issuing advisories against companies not authorized to issue securities without the necessary permit.

The latest advisory is against Global Intergold, which is operated by the same operators of Emgoldex Philippines, an allegedly fraudulent company.

“Per verification, Global Intergold is not also a registered corporation or partnership. Likewise, Global Intergold is not authorized to solicit investments from the public as it did not secure prior registration.