DAVAO CITY—Police from Carmen municipality of Davao del Norte arrested on Thursday the head of an investment scheme, which the Securities and Exchange Commission has flagged down as illegal.
On Thursday, Col. Frederick Deles led a team from Carmen police in arresting Arnel T. Aratia in RPJ Village, Feeder Road 3, Tibal-og, Sto. Tomas. The SEC identified Aratia as allegedly behind the Achievers Golden Marketing and Consulting (AGMC).
The SEC office here said the arrest came about after Judge Vernard Quijano of the Regional Trial Court Branch 153 in Biñan City, Laguna issued a warrant for a syndicated estafa case with no bail, and two counts of violation of Sections 8 and 28 of Republic 8799 or the Securities Regulation Code (SRC) which carry a bail of P126,000 for each count against Aratia, a resident of San Francisco, Agusan del Sur.
On September 15 last year, the SEC issued an advisory against AGMC and Achievers Golden Holdings Inc. (AGHI) for soliciting investments from the public without a secondary license as prescribed under Section 8 of the SRC.
AGMC holds office at the 2nd Floor Room 2 Valencia Corporate Center Arellano Street, Davao City. The SEC said the AGMC offered a cash back program “where one can invest between P5,000 to as high as P1 million with the promise of a return between 1 percent and 30 percent depending on the amount on a monthly basis for three months.”
The SEC–Davao Extension Office has commended the Sto. Tomas Police Office over the arrest of Aratia “for illegally taking in investments without a secondary license.”
“We hope more fraudulent investment entities are stopped with the help of our hard working police officers,” the SEC office here said.