Financial (investment) scams, that promise big returns in a few months' time, have been the topics of news agencies, forums, and social networks nowadays. But it's been widely popular by the backlash these are receiving from its victims and finance gurus.
Instead of uplifting the lives of all its members, these scams seem to give benefit to only a few, usually the ones on top.
EMGoldex, which the Securities and Exchange Commission warned the public about, has rebranded itself as Global InterGold, More OFW victims have emerged while news agencies continued its campaign to the public warning them not to invest in EMGoldex.
Looking back, what were the biggest scams of all time in the Philippines? Here's a list compiled by ABS-CBN News, gathered from financial adviser Salve Duplito.
10. Bancap scam - treasury bill scam ran by Marilyn Nite
Money taken: P900 million
9. FrankSwiss and DeutchFranks - high-yielding investment products marketed through the Internet from March to July 2007 that offered as much as 4.5 percent returns per day. The National Bureau of Investigation filed estafa charges against Eleazar Castillo, chief financial adviser of FrancSwiss.
Money taken: P1 billion
8. Swiss Mutual Fund International Scam - ran internationally for more than a decade before it hit the Philippines, offering high guaranteed returns.
Money taken: Not known
7. Royal Manchester Five Trading Corp. - currency trading program that promised a 4 percent per month guaranteed return to investors in 2008.
Money taken: P2 billion
6. Tibayan Group Investment Corp. - mutual fund scheme that guaranteed 3 to 5 percent a month for a six-month to 1 year lock-in period.
Known losses: P2 billion
5. Mateo Management Group - ran by couple Ervin and Evelyn Mateo who fooled at least 20 people for high guaranteed returns
Money taken: P4.3 billion
4. Performance Investment Products Corp. - alleged forex trading outfit which duped people who were blinded by the 10-15 percent guaranteed return being offered.
Money taken: P11 billion
3. Aman Futures Group - led by Aman Amalilio, this attracted over 100,000 families in Pagadian City in commodities trading investments which offered up to 80 percent profit in 20 days.
Money taken: P12 billion
2. Multinational Telecom Investors Corp. - duped more than 950,000 individuals in this investment scheme which offered 4 percent to 5 percent a month.
Money taken: P25 billion
1. Legacy Group - led by Celso de los Angeles, the group offered motorcycle loan and investment loan programs with guaranteed commission of up to P15,000.
Money taken: P30 billion
9. FrankSwiss and DeutchFranks - high-yielding investment products marketed through the Internet from March to July 2007 that offered as much as 4.5 percent returns per day. The National Bureau of Investigation filed estafa charges against Eleazar Castillo, chief financial adviser of FrancSwiss.
Money taken: P1 billion
8. Swiss Mutual Fund International Scam - ran internationally for more than a decade before it hit the Philippines, offering high guaranteed returns.
Money taken: Not known
7. Royal Manchester Five Trading Corp. - currency trading program that promised a 4 percent per month guaranteed return to investors in 2008.
Money taken: P2 billion
6. Tibayan Group Investment Corp. - mutual fund scheme that guaranteed 3 to 5 percent a month for a six-month to 1 year lock-in period.
Known losses: P2 billion
5. Mateo Management Group - ran by couple Ervin and Evelyn Mateo who fooled at least 20 people for high guaranteed returns
Money taken: P4.3 billion
4. Performance Investment Products Corp. - alleged forex trading outfit which duped people who were blinded by the 10-15 percent guaranteed return being offered.
Money taken: P11 billion
3. Aman Futures Group - led by Aman Amalilio, this attracted over 100,000 families in Pagadian City in commodities trading investments which offered up to 80 percent profit in 20 days.
Money taken: P12 billion
2. Multinational Telecom Investors Corp. - duped more than 950,000 individuals in this investment scheme which offered 4 percent to 5 percent a month.
Money taken: P25 billion
1. Legacy Group - led by Celso de los Angeles, the group offered motorcycle loan and investment loan programs with guaranteed commission of up to P15,000.
Money taken: P30 billion
