Following reports that social media users are being invited to invest their money for a promise of higher profits and returns, the Security and Exchange Commission (SEC) warned the public that it is scam.

According to SEC, Emgoldex Philippines’ “Pinoy Style Patak Patak” has been enticing Facebook netizens to invest P1,000 for them to earn profits ranging from P5,000 to P10,000 or a placement of P35, 000 will yield P180, 000 to P360,000.

SEC has verified the said company and revealed that Emgoldex Philippines is not a registered corporation or partnership.

“[Emgoldex Philippines] is not authorized to solicit investments from the public as it did not secure prior registration and/or license or permit to solicit investments from the Commission as required under Section 8.1 of Securities Regulation Code,” SEC stated.

The agency advised the public to be cautious and “to exercise self-restraint from investing their money into such high yield-high risk investment scheme and to take necessary precautions in dealing with Emgoldex Philippines.”

SEC also encouraged the public to contact Enforcement and Investor Protection Department at 584-7187 or 584-7652 should there be any information on the operation of the said entity.