PSE warns vs 'scam' using name of subsidiary CMIC

MANILA -- The Philippine Stock Exchange warned the public against a 'suspicious scheme' that uses the name of its subsidiary to solicit investments from the public.

The PSE said its subsidiary Capital Markets Integrity Corporation (CMIC) received reports from several investors about  a suspicious solicitation scheme using the name “Capital Market Intergrity” and “Capitalmarket Intergritycorps”.

It can be noted how CMIC says 'Markets' instead of just Market, and how Integrity is misspelled as Intergrity in the alleged solicitation. Investors were asked to sign in to a website.  

According to CMIC, investors reported that they had been asked to pay and/or “recharge” a fee to avail certain benefits and/or services. The investors also complained that they have  yet to recoup the payments made, the PSE subsidiary added.

CMIC said it is not connected with “Capital Market Intergrity” and “Capitalmarket-Intergritycorps”, including the abovementioned website. It said that it does not solicit investments as its function is to audit and enforce securities laws.

"Thus, the investing public is highly encouraged to exercise the necessary degree of diligence in dealing with entities soliciting investments or employing similar means, especially those promising guaranteed returns," the CMIC said.

It encouraged the public to report suspicious investment schemes using its name to CMIC at (02) 8876-4580 and e-mail info@cmic.com.ph and ied@cmic.com.ph.

The PSE also meanwhile warned that investment scams usually involve promises of big payouts, quick money or guaranteed returns and do not contain disclosures on the risks of investing.