It’s been more than a year since we last updated our database of scams and potential scammers targeting Filipinos here and abroad so we really have to watch out for the new ones preying on our poor kababayans.
Time to identify some of the recently identified and suspected scams.
Huwag nang patagalin pa. Here they are:
1) Shema United Business Innovative Concept Corporation (SUBICC)
Shema United Development Int’l Foundation (“SUDIFI”)
Shema United Harvesters Foundation, Inc. (“SUHFI”)
An officemate, his wife, and a handful of his wife’s friends have been duped by this “cooperative”, a non-stock, non-profit organization previously registered at SEC but with license that has been revoked three years ago. Click the image below to read the whole document from the Securities and Exchange Commission.
Why is SUBICC group (SUDIFI, SUHFI) a Scam?
SUDIFI is engaged in marketing activities for SUBICC and further stated that respondent SUDIFI derives funds out of donations and proceeds of the wellness products that members are selling. They also confirmed that before one can become a member of SUDIFI, he/she has to purchase the products being offered by SUBICC for twelve (12) months and it is only then that the member is entitled to certain incentives.
However, my officemate’s experience is a testimony that this SUBICC group is a big scam using the name of God in their lust for money. According to my officemate, he has been trying to get in touch with SUBICC via email (that’s the only contact medium for OFW members) to follow up their “harvest” (or incentives) after a year of investing in them and buying their “wellness” products.
Members were promised to receive “Loyalty Bonuses” such as dividends, cars, and even houses and lots but yeah, promises are made to be broken.
You can read a lot of complaints from members of SUBICC at Istorya.net forum site.
2) Supreme Wealth Alliance of SWA
First of all, if a person throws garbage in your garden or backyard without permission is annoying. Second, why in the world would I give permission to someone else for him to make my garden or backyard a dumpsite?
I am managing and moderating a number of forum sites and social media groups for our financial literacy advocacy. These forums were created to gather people who want to learn about investing and proper handling of finances as well as professionals and experts who share their knowledge to the members for free.
However, every now and then, members of SWA would post their links and offers without permission to join them in their quest to become multi-millionaires by becoming members as well. And pay $55 or Php2,500 as registration fee. That comes with access to a library of e-books that you can enjoy reading for the rest of your boring life.
Oh by the way, these e-books are available for free online without you paying $55 or Php2,500. Just Google the right keywords when searching. READ: BitTorrent and Free E-Books
Why is SWA (Supreme Wealth Alliance) a Scam?
Here are some reasons why SWA can be considered a scam.
- SWA has no official business address in the Philippines.
- SWA is not registered in the Securities and Exchange Commission (SEC) or the Department of Trade and Industry (DTI).
(Update: They are now SEC-registered but the nature of the business remains dubious.)
- SWA is allegedly registered in the Central American island of Belize as an International Business Corporation or IBC. The country of Belize has no existing Tax Information Exchange Agreement (TIEA) with the Philippines and Belize IBC’s have no legal authority to operate a taxable activity in the Philippines.
- SWA members and founders do not pay taxes from their earnings here. They do not declare this to the BIR because SWA is not registered with the BIR (Duh…). Pray that Kim Henares is not reading this now.
- SWA is focused on recruitment and not in selling their e-books. They can not just “sell” the e-books to the public unless they become a member as well.
3) Unemployed Pinoys (UEP)
This group preys on the thousands and millions of unemployed Filipinos present online.
I am an auditor and I just find this gimmick of theirs totally hilarious and non-sense.
Why would an Audit Department or an HR Department review selfies???
Why is UEP (UnEmployed Pinoys) a Scam?
- Those who want to be “unemployed” must pay Php350 “annual registration fee”. A warning sign that it’s a work-at-home fraud. Why do you have to pay for a fee in order to get a “job”?
- Their only answer when you ask a question about their business is “If anyone is interested and willing to join, just PM and I will assist you.” Avoid even making conversations with people who answer you like this.
- Their website boasts of tons of hilarious English grammar antics. It just shows that they don’t have the moolah to pay for a proofreader or an editor.
- UEP does not have a list of names of officers. They don’t even have an official business address or telephone number (they use a mobile number) and email (they use Gmail) to start with.
- You will not know who E.T. Reyes is but he claims he is the HRD-HEAD, National Operations, www.unemployedpinoys.com, Splunkeez Inc. Maybe he is Ernie Reyes the actor. Its business registration with DTI states that its scope of business should only be within the city of Roxas in Capiz.
More Scam Groups To Be Revealed
Watch out also for commodities and gold trading scams that are coming out and claiming to be legit investments.
Join the OFW UsapangPiso Facebook Group and Forum to learn how to plan your finances the right way and how to grow your money in various financial instruments and investment vehicles such as stocks, mutual funds, UITF’s, bonds, money market, real estate, and others.
P.S. 1. Bro. Bo Sanchez has appointed me as a coach for our young and new investors at the TrulyRichClub social site. It’s a fun, learning family with the purpose of “helping good people become rich”. I’m inviting you to join the TrulyRichClub too and email me at firstname.lastname@example.org if you have any questions. Click here to join!
P.S. 2. OFW UsapangPiso Saudi Arabia will hold its 2nd Family Finance & Investing Forum on April 11, 2013 in Ras Tanura, Eastern Province. Although it’s going to be limited to a number of participants, we will be webcasting the event live through our Ustream channel. Keep posted for details.