OLD NEWS: Philippines banned TVI Express back in March 2013?
According to ABS-CBN, the Filipino SEC has declared TVI Express Holidays Philippines to be a pyramid scheme back in March.
SEC warns of new pyramiding scams
by Alvin Elchico, ABS-CBN News
Posted at 03/12/2013 5:37 PM | Updated as of 03/13/2013 9:15 AM
MANILA, Philippines - Fresh from the disastrous results of the Aman Futures scam, the Securities and Exchange Commission (SEC) has again issued an advisory to consumers in Davao and Surigao of two separate potential investment fraud.
SEC chairperson Teresita Herbosa identified these two potential scams as Connectacons Inc. and TVI Express Holidays Phils.
The target company in Tandag City, Surigao del Sur has reportedly been encouraging teachers to invest P16,800 with a promise to "double the money" within 6 months and to get $10,000 for another 6 months.
According to the SEC advisory, those who invested have not received the promised amount and even return of their investment despite repeated demands.