The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on JUAN SAVINGS BEING OPERATED BY ITS FOUNDER, ALEJANDRO “ALI” G. SARONA, warning the public of the individuals and groups involved in such activities. The advisory defines the activities behind the scheme, and advises the public to not to invest or stop investing in any investment scheme offered by the said entity, its representatives or any entities engaged in schemes which promises ridiculous rates of return with little or no risks.
In support of this view, Coins.ph does not endorse or is affiliated in any way with such activities or products. Moreover, we have a zero tolerance policy on fraudulent activities and potentially scamming practices. In a separate article, we have enumerated tips on how you can avoid investment schemes and other online scams. We urge our customers to be extra diligent with their funds and to act within our User Agreement.
Information gathered from online sources and reports from the public show that JUAN SAVINGS is claiming to be engaged in a legitimate forex trading business and has its own professional traders. It is allegedly being operated by its founder, ALEJANDRO “ALI” G. SARONA.
JUAN SAVINGS is providing a GUARANTEED fixed interest rate to investors, starting at 7% for thirty (30) business days. The investment is locked-in for ten (10) months where an investor is expected to get his profits monthly within the period of the 10-month contract and the full amount of investment at the end of the 10th month.
A Facebook (FB) account named “Juan Savings” using the url https://www.facebook.com/JuanSavingsOfficial/ is actively soliciting investments as shown in the following screenshot of an FB post:
The public is hereby informed that JUAN SAVINGS is not registered with the Commission and is not authorized to solicit investments from the public, not having secured prior registration and/or license to sell securities or solicit
investments as prescribed under Section 8 of the Securities Regulation Code (SRC).
Further, ALEJANDRO “ALI” G. SARONA has NOT been issued a license by the SEC as an Associated Person, Compliance Officer, Salesman and/or Certified Investment Solicitor of a Broker Dealer in Securities, Investment House, Underwriter of Securities, Investment Company Adviser and/or Mutual Fund Distributor.
Moreover, the Commission does not allow the registration of Foreign Exchange (FOREX) in the nature of Commodity/Financial Futures Contract, Contracts for Difference (CFDs) and other similar derivatives nor their merchants/brokers as the pertinent rules governing these securities remain suspended pursuant to Rule 11 of the 2015 Implementing Rules and Regulation of the SRC.
Those who act as salesmen, brokers, dealers or agents of the said entity in selling or convincing people to invest in the investment scheme it is being offered including soliciting investments or recruiting investors through the internet may be held criminally liable under Section 28 of the SRC and penalized with a maximum fine of Five Million Pesos (Php5,000,000.00) or imprisonment of Twenty One (21) years or both pursuant to Section 73 of the SRC (SEC vs. Oudine Santos, G.R. No. 195542, 19 March 2014).
Violators are further warned that aside from the strict penalties imposed by the Commission for violations of the SRC, the Revised Corporation Code of the Philippines, and such other rules and regulations it enforces, the Bayanihan to Heal as One Act (Republic Act No. 11469) also punishes those participating in cyber incidents that make use or take advantage of the current crisis situation to prey on the public through scams, phishing, fraudulent emails, or other similar acts.
Furthermore, the names of all those involved will be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed.
In view thereof, the public is hereby advised to exercise caution in dealing with ALEJANDRO “ALI” G. SARONA and any individual or group of persons soliciting investments for and on behalf of JUAN SAVINGS. The public is further advised NOT TO INVEST or to STOP INVESTING in the investment scheme being offered by ALEJANDRO “ALI” G. SARONA or his representatives through JUAN SAVINGS.
Should you have any information regarding the operation of the subject entity, please submit your report to the Enforcement and Investor Protection Department at firstname.lastname@example.org.
For the guidance of the public.
Pasay City, 04 August 2020.