The Securities and Exchange Commission has advised the investing public not to engage with the Bagong Bansang Maharlika (BBM) International Inc., a group whose registration has been revoked due to illegal solicitation of investments.
The SEC reiterated this warning on finding BBM International still operates in certain parts of the Visayas and Mindanao despite its revocation order in November last year.
The revocation was compelled by its collection of membership fees from residents on the promise of food security, free education, free hospitalization, cash assistance, and livelihood for Filipinos aged one year and above worldwide.
It also made use of President Marcos Jr.’s image as part of marketing materials, creating an impression that its programs are legitimate and sanctioned by the current administration.
The SEC issued an advisory against BBM International as early as August last year, urging the investing public to exercise caution when dealing with the group.
Those who act as salesmen, brokers, dealers or agents, representatives and promoters of unauthorized investment activities may be held criminally liable under the Financial Products and Services Consumer Protection Act, as well as under the Securities Regulation Code, which are imposed separately and fined by up to P5 million, or imprisonment of up to 21 years, or both, the SEC said.
