Emgoldex Scam: Massive Online Gold Investment Fraud Could Hit OFWs Badly

emgoldex-hyip-scam-philippines-secDisclamer: The purpose of this article is to warn Filipinos to think twice and do thorough research before investing. This is not to degrade the program but rather to help people not to lose their hard-earned money. Emgoldex is a HYIP investment program based on its marketing plan. It is not different from other hundred HYIPs which closed in the last 10 years. Please educate yourself and read this wikipedia page about HYIP. Remember that your negative comment about this page could not help people from losing their money so think professionally before bringing your anger into this page. Even if you are already an active member and earning, you still have the chance to educate yourself by reading the above link and some highlighted reference links below.

February 14, 2015 Update

SEC Releases Official Statement Warning Pinoys to Restrain from Investing into Emgoldex

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Contributed by Maia Capra 01/22/2015 – Manila | The Philippine government has acted fast after reports have been verified that there are hundreds to even thousands of OFWs in Taiwan and Middle East who have been lured to the massive online investment fraud called Emgoldex.

A representative from Philippine Information Agency (PIA), Atty. Victor Beltran, told reporters on Tuesday that the agency has already sent press release to Philippine embassies in Middle East. Beltran says OFW should stay away from this massive fraud which uses gold as bait. It is a Ponzi scheme which uses traditional HYIP system.

US regulators in Massachusetts filed a complaint against Emgoldex operators in US and is currently under review. The whole document is available to download from the Massachusetts Secretary of State

Emgoldex, an alleged investment company with offices in Munich, Germany and Dubai, but said to have been registered in Seychelles, has a mysterious identity. Beltran said, any company that focuses on recruitment rather than selling should be avoided.

“We must learn our lesson from NBO Global and other programs that closed last year. Emgoldex is bigger and more destructive than any of the previous investment scams so we must be cautious and keep our money inside out pockets,” Beltran added.

Colombia is the first country to totally ban Emgoldex operations. The mysterious company is currently under investigation in Panama. Several Panamian banks have already warned people to stay away from the said pyramid scheme.

Emgoldex has been promoted online through social media and is active in the Philippines, but the government has only acted recently after full verification of the program’s destructive marketing plan.

“It is not bad for our OFW brothers and sisters to look for extra income, but we must analyze everything before we join and throw away our money. There is no legit and sustainable business that offers return which is ten folds higher than the stock market bonds  and foreign exchange,” Beltran said.

The agency is looking for more ways to ban the program inside the Philippines with the help of other government agencies like NBI and DTI.

Although some of the members are earning right now, there is no guarantee that the company will stay longer based on its vulnerable marketing strategy where earnings of old members are being taken from new members.

See Also: How Much Money do We Need to Lose to MLM Scammers Before We Learn a Lesson?

 

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