Remulla to DOJ’s anti-scam body:
Dig deeper into MFT Group investment anomaly

14 May 2024

Justice Secretary Jesus Crispin C. Remulla ordered the Department of Justice (DOJ) to closely scrutinize the complaint filed by the Securities and Exchange Commission (SEC) against Maria Francesca Tan (MFT) Group of Companies Inc. and Foundry Ventures I, Inc. for allegedly masterminding an illegal investment scheme.

The Task Force on Business Scam headed by Senior Deputy State Prosecutor (SDSP) Peter Ong commences today its first preliminary investigation of the charges against the said corporations.

Stemming from complaints lodged by several investors who participated in the investment scheme, the SEC has found out that MFT offered 12-18% returns to investors through the issuance of postdated checks reflecting a 1-percent to 1.5-percent monthly interest.

Investors were given either a promissory note or borrower-lender agreement as proof of their investment. However, all of these were executed without proper documentation and registration with the SEC, making the same as illegal.

“Meticulously uncover every detail surrounding this case, look closely into every angle and if necessary, charge everyone who is proven to have defrauded our precious Filipino investors," Sec. Remulla stressed.

"Investments are the life and blood of our economic sustainability, the immediate Resolution of this case is a top priority," the Secretary added.

More News Articles

We are ISO Certified