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BSP Warns vs. Old Scam

10.01.2001

The Bangko Sentral ng Pilipinas issued a warning to the public today about an old scam involving individuals asking victims to invest in purportedly genuine financial documents for considerable profit.

The BSP Cash Department reported that a number of would-be victims, including some professionals, have gone to Bangko Sentral to verify, only to find out that these documents offered them for investment were fictitious and absolutely without value, having no known originals, and their issuance without any legal basis.

These fictitious documents include BSP Certificates of Gold Bullion Depository Stocks and Safekeeping Receipts, “Ang Bagong Lipunan” Gold Memorandum Receipts, “Good” London Delivery, Certificates of Deposit, Treasury Certificates, Bank of England Certificates, Gold Bullion Certificates, Certificates of Gold Ownership, Warehouse Certificates, and U.S. Federal Reserve Notes and Bonds.

The proponents go around telling victims to invest money in these documents on the promise that their investment would double when the documents mature. The face value of the documents is in billions of pesos or million of dollars.

Another mode of this scam is for the proponents to pretend to represent foundations for worthy causes and then to ask the victims to contribute to the foundations on the basis that these documents form part of the funding when they mature.

BSP warns the public not to entertain such misrepresentations and to report them to the Investigation Staff, Cash Department, BSP at Room 302, Multi-storey Building, Roxas Boulevard, Manila by calling telephone numbers 523-9806 and 524-7011 local 2388.

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