The Securities and Exchange Commission in the Philippines has closed down a boiler room operation being run by foreign nationals.
The Philippine Securities and Exchange Commission (SEC) in coordination with the National Bureau of Investigation (NBI) apprehended several persons caught in the act of engaging in boiler room operations, offering and selling worthless, overpriced, and non-existent securities to investors.
SEC lawyers and investigators with the assistance of NBI agents, swooped on Plustel Solutions, (Plustel) office and caught in the act several officers and representatives of Plustel offering and selling non-existent securities to investors through on-line transactions.
Scripts, Leads and Fraud
British nationals Andrew Bryan Robson, Graham Alan Bennett, Dominic Alex Whellams, and other Plustel managers, team leaders and personnel were caught in the act of engaging in boiler room operations.
The Search Warrant yielded numerous computers and documents consisting of scripts, leads, and other paraphernalia used by Plustel employees in contacting potential investors.
«As champion of investor protection, the SEC will not allow investment scammers to operate in the country. They cannot continue with their fraudulent ways. We will be relentless in prosecuting these scammers to protect the public from fraud,» said Emilio B. Aquino SEC Commissioner.
