The Pagadian City in Zamboanga del Sur is on RAGE nowadays because of the very heat topic of a P12-Billion investment scam that hit the Visayas and Mindanao; the poor, politician, and business men alike. The culprit is a Malaysian Ramon Amalilio, the head of the Aman Futures Group Phils. It must be the biggest financial scam ever happened in the Philippines. It is also a very controversial as the Pagadian Mayor is humored that he used the taxpayers' money as an investment.The poor sector lend money just to invest and I also watched a father giving the money [to Aman Futures] while his child is very sick in the hospital and the money is needed for the treatment.
However why this thing happened? There are a lot of regulations to avoid this and learned from the past (Bernard Madoff Scam, Ponzi Scheme, Enron, AIG, Fannie Mae & Freddie Mac) that resulted to stricter Laws to avoid further money fraud but we still end up with a MASSIVE amount of money ($290 million). There are at least 15,000 people affected by this 2012 Financial Fraud and the leader has fled the country to Sabah, Malaysia and after searching, it was now known to authorities that the 32-year old Malaysian fled from Malaysia to unknown territory. NBI and DOJ already formed a committee to investigate and captured the mastermind of the scam (as of the moment the directors and officers have been captured - Manuel K. Amalilio, Fernando “Nonoy” R. Luna, Lelian Lim Gan, Edward L. Lim, William L. Fuentes, Naezelle M. Rodriguez and Lurix Lopez.). They also asked the help of the InterPol and Malaysian Embassy to help with the search. Though some of the members has been captured and cases of estafa has been filed the money is still out there with Amalilio.
The question goes back to WHY? Why did the 15,000 Filipino citizens were victimized in a large scale scam? Lets look on the oppurtunities presented by Aman Futures Group to the locals.
1. HIGH INVESTMENT RETURNS. For every p1,000.00 that you will invest, the rate of return will be 70% after a week. This was the promise of the company to low-income household, retired employees, or those in poverty.
The amount was raised soon [from a thousand to P200,000.00 thousand] when it earned popularity. The business was doing good at the start. The investors are receiving the returns as expected and all are happy. Big names and personalities started to invest also.
However, it all vanished momentarily. The happy money was short lived. People are devastated and some are committing suicide due to great depression. The father of the sick son is in agony when he learned that Amalilio is missing and so his money. His son died because the treatment was never paid to ensue.
Now lets see why of all those people, no one ever doubt or even check the legality of the operations.
1. GREED. People will never have enough. For those with less, the will always aspire for more. For those living averagely, they want to be greater, and for those with almost everything, wants to be the greatest. For most people, contentment is far from what they had in their hands. They will always ask for more and not what is enough to live.
This is what happen when we want to much. Though some of these people really need the money, we shouldn't be blinded by the large sum of money offered to us.
2. LARGE RETURNS? With the present financial situation globally, who in their rightful mind will be deceived that 70% rate of return + the principal amount will earned in one week? Well, yes those 15,000. The current economy is in trouble and investments are affected. Even bonds, stocks, or UTIFs cannot achieve the 70% return but no one in that 15,000 ever realize that. They are surely blinded by their greediness.
3. IGNORANCE. Always remember that "IGNORANCE EXCUSES NO ONE". Before investing, they should have checked the investment schemes of the company. Where does the sum of money go? Is it invested in Fixed Income, Equities, Commodity market etc? Where are the legal documents? What is the history of the company? How about our certificates and payment schemes?
For sure, it won't be hard, given the present technology to check with BSP, SEC, and other financial regulatory and business agencies the substance of AMAN FUTURES GROUP PHILIPPINES. Money is important, so is knowledge.
Amalilio and the company must really be sued and be punished for their wrongful acts but those 15,000 individuals or companies have faults also for being so gullible that they were lured by these people.
Always remember that according to a Filipino cliche, there are only two types of persons in these cases - "Ang MANLOLOKO at ang NAGPAPALOKO".
Source: http://globalnation.inquirer.net/56132/thousands-gypped-in-p12-billion-scam
http://ph.news.yahoo.com/police-chiefs-relieved-over-multi-billion-peso-scam-184543106.html
1. HIGH INVESTMENT RETURNS. For every p1,000.00 that you will invest, the rate of return will be 70% after a week. This was the promise of the company to low-income household, retired employees, or those in poverty.
The amount was raised soon [from a thousand to P200,000.00 thousand] when it earned popularity. The business was doing good at the start. The investors are receiving the returns as expected and all are happy. Big names and personalities started to invest also.
However, it all vanished momentarily. The happy money was short lived. People are devastated and some are committing suicide due to great depression. The father of the sick son is in agony when he learned that Amalilio is missing and so his money. His son died because the treatment was never paid to ensue.
Now lets see why of all those people, no one ever doubt or even check the legality of the operations.
1. GREED. People will never have enough. For those with less, the will always aspire for more. For those living averagely, they want to be greater, and for those with almost everything, wants to be the greatest. For most people, contentment is far from what they had in their hands. They will always ask for more and not what is enough to live.
This is what happen when we want to much. Though some of these people really need the money, we shouldn't be blinded by the large sum of money offered to us.
2. LARGE RETURNS? With the present financial situation globally, who in their rightful mind will be deceived that 70% rate of return + the principal amount will earned in one week? Well, yes those 15,000. The current economy is in trouble and investments are affected. Even bonds, stocks, or UTIFs cannot achieve the 70% return but no one in that 15,000 ever realize that. They are surely blinded by their greediness.
3. IGNORANCE. Always remember that "IGNORANCE EXCUSES NO ONE". Before investing, they should have checked the investment schemes of the company. Where does the sum of money go? Is it invested in Fixed Income, Equities, Commodity market etc? Where are the legal documents? What is the history of the company? How about our certificates and payment schemes?
For sure, it won't be hard, given the present technology to check with BSP, SEC, and other financial regulatory and business agencies the substance of AMAN FUTURES GROUP PHILIPPINES. Money is important, so is knowledge.
Amalilio and the company must really be sued and be punished for their wrongful acts but those 15,000 individuals or companies have faults also for being so gullible that they were lured by these people.
Always remember that according to a Filipino cliche, there are only two types of persons in these cases - "Ang MANLOLOKO at ang NAGPAPALOKO".
Source: http://globalnation.inquirer.net/56132/thousands-gypped-in-p12-billion-scam
http://ph.news.yahoo.com/police-chiefs-relieved-over-multi-billion-peso-scam-184543106.html
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