The content of this post is MY PERSONAL OPINION. You don’t have to subscribe to what I believe in but I do hope that you keep an open mind as you read on what I share.
Earlier this afternoon my cousin from Zamboanga del Sur called me and talked to me animatedly about Aman Investment Trading which according to him is spreading like wildfire in Pagadian City even the mayor and barangay captains and known persons are investing. Of course there is no hard proof that these popular personalities in Pagadian are really investing only sabi sabi.
Investing in Aman is so widespread that neighbors, friends in his hometown are already a part of this community of Aman investors and lots of people have recovered their investment already including another cousin of mine. Hence, the call to share the good news, which I appreciate, I just don’t believe the investment promises.
Fantastic reviews, recommendations and testimonials are coming out from those who have successfully made an Aman pay outs considering the Aman investment ROI is a whooping 31% to 50%! Whoa!
But alarm bells starts to ring in my head, as he was talking I load google and search “Aman Investment Scam” and sure enough there were already entries about this, the first on the search results was from a long thread in iStorya.net.
What is Aman Investment Trading?
Supposedly this “investment” house has a DTI permit and the works and operating since March 2012. It offers investors a too good to be true returns on your investment. Some claim that whatever capital you put in, after 2 weeks you are assured of at least 31% return. So if you invested 1,000 pesos, in just 14 days you initial investment will profit P310. If you invested say P10,000, you will get P3,100.
What if you invest P100,000? What if millions?
Considering that legitimate financial institution offers interest on deposits and investment at only 1.25% to 5.75%, this ROI is too good to be true. And too good to be true offers are usually scam in the making.
Anyhow, thousands of people are investing in Pagadian! And I am concern largely because I have relatives na baka mapaso neto. Any kind of investment (scam or legal) means risk. But just how risky? And how much are you willing to risk? Will you sell your carabao or pawn your land to join?
I maybe just a skeptic or am one of those people who will never join the ranks of the wealthy because am afraid to take risk. But that is bollocks, I am a risk taker but not when risk is clearly against my favor.
Is Aman Investment Trading similar to Ponzi Scheme (scam) ?
I think so. I could be wrong of course since I am not a licensed foreign exchange trader nor do I know much about the intricacies of investing. But I have thought long and hard on this and draw on whatever I’ve learn from school and life experiences. And this led me to agree with everyone else who is saying on iStorya that this Aman Investment in Pagadian has lots of similarity to Ponzi scheme.
My honest opinion and review is that this is a time bomb waiting to explode. Yes for now they are on a roll and payouts and cash outs from current investors are paid on time. But what about in the following months, will there still be funds to pay ALL old and new investors?
My kuya mentioned that this is legit since they have an office in Kawit, Pagadian. People are lining up just to register and join and supposedly this investment house will only accept a certain number of people before they close their door. There is a limit, he says. And besides he can attest that a friend of his sister (my cousin) invested P100,000 and already got 16 Million back.
Yep, you read that right, P16,000,000.00 return on an investment of P100,000.
Hmm.. is the 16M in cash or in paper?
Told my kuya that is not possible, he remains steadfast “Dili ka tuohan sa? But tinuod dyud na!” (Unbelievable right? but that is really true!) And says more “Daghan na kayo nabulahan ani diri”. (Lots of people are profiting here and enjoying the fruits of their investment).
My second question is if there is a limit, just what is the limit? 1 million Pagadianons before they close this opportunity?
There are claims that there is a legitimate business named “Aman Group Philippines Inc” but some people are using their businessname illegally. How true?
What are the characteristics of the Ponzi scheme?
The name Ponzi Scheme can be traced back to Charles Ponzi who elaborately set out a scheme that victimized thousands of New Englanders in the 1920s by encouraging investment in ‘postage stamps speculation’. When the scheme collapsed, big money was lost by both large and small investors.
You can read a more comprehensive definition on Ponzi scheme from the US Securities and Exhange Commission official website.
In general, the scam is perpetuated by encouraging capital investment among new recruits. The individuals behind these scams are persons who are ‘believable’, have lots of credibility and can sweet talk their way so you will let go of your hard earned money. They will need to convince the initial investors or 1st investors to infuse capital on their ‘businesses’.
Most of times the expected ROI is too awesome that majority will be blinded by the returns and not think that high ROI also means greater risk and so will invest readily.
Then comes the payout, the first investors will expect that after a certain period they will be paid the promised profit. Of course they will be paid; this is how this scheme will work but by whose money?
Here come the 2nd investors who will inject funds to the business as their investment capital – they may be recruited by the scammers themselves or by the 1st investors. The scammer or perpetuator then will take part of the money deposited by the 2nd investors and use this to pay the 1st investors. Say the 2nd investors gives P50,000 each, P20,000 of which will be used to pay the original investors, the balance of P30,000 will be pocketed by the scammers. Utakan lang yan.
1st investors then will be very happy that he got paid on time and as promise. To share his good fortune and the amazing opportunity, he will of course share it with friends and family in Good Faith so they too can have a piece of the cake. We shall call them the 3rd investors. Start of the snowball effect…
The 3rd investors will bring more funds into the ‘investment pool’ and will wait for their turn to get paid. Part of the money they invested will then be diverted to “pay” the 1st and 2nd investors etc.
And so on it goes…until the scheme collapse or the scammers disappears.
And yes, Ponzi schemes will eventually collapse once the market is saturated. Because these “companies” does not have real assets like buildings, machineries, lands and non-real assets like blue -chip stock certificates in legit companies that can be sold to continue paying the investors off should the business face hard times. Or if they have, it’s not enough to cover all outstanding and pending pay out requests.
The money for these schemes usually only comes from new recruits or new investors who will give new capital. Without new investors there is no more money to pay anyone.
Wala nang perang paiikutin, simple as that.
When the scam collapse or the scammers have ‘met’ their target, example they agree that when they reach P10 Billlion, it’s their cue to make their escape and get as far away from the city. They will leave behind lots of broken dreams.
And worst, bad blood.
Why do I say ‘bad blood’?
Supposed you are an investor of such scheme and you profit from it because you are among the very first people to invest, and you have successfully convinced your best friend or your workmate to invest too. But alas, they got in too late and did not recover their own investments? Things would be ironed out if your friends or workmates invested only P1,000 but what if it was P50,000 of their hard earned life savings or greater? You will potentially destroy your own reputation and may lost good friends along the way. I shudder to think of even more worst case scenarios.
What if Aman Investment Trading in Pagadian is legit and true?
Some argues what if Aman Investment that is circulating in Pagadian City is legit and true? I say good for those who invest, their risk paid off. But again the question, given the way things stand right now, do you really think this is good investment?
This is a GAMBLE, Sugal. Invest only what you are willing to lose.
High Yield Investment = Higher Risk
If you have extra funds, money that when lost won’t affect your livelihood then maybe you can choose to ride this wave. But be very smart; once you recover your initial investment do not pour it back. If you can’t help yourself but invest again because everything is “so far so good”, invest only the early profits that you have already gained, do not invest back your initial capital so that when things collapse, di kaayo ka manghinayang.
Sometimes it’s all about risk. One I am not willing to make. But those who are reading this Aman trading review, and who are maybe more courageous than I am, then go ahead and invest.
I wish you well truly. If you get rich by way of Aman Investment, good for you and your family. It would even be greater if you come back to this post and share pics of you with the “fruits” of your investment.
Many are claiming now that there lots of new vehicles being bought in and around Pagadian because of their participation to this investment. But these are mere words, mere claims. Without real proof, there is nothing.
You can of course use the same arguments to counter my opinion, but then again I have made it clear on the first sentence of this post that my words are my opinion solely.
I for one do not believe in quick rich scheme which I think this is. That is not to say I am right. Only time will prove me wrong or right.
Is Aman investment trading registered in SEC Ph (Philippine Securities and Exchange Commisson? Who are the registered Aman owners? It’s better to ask these questions now.
If anyone can show me and everyone interested deeds of assets of this Aman trading company operating in Pagadian, if anyone can show us buildings, lands etc own by this investment house, then perhaps I along with the others who are doubtful may rethink our thoughts on this. But until then, No thanks.
And this is a challenge to the people behind Aman Investment Pagadian, if you are legit, aside from the things I pointed above about proof of your current assets that can possibly cover all investments being made by the good people of Pagadian, leave a comment with your DTI Permit no, mayor’s business permit number, SEC registration number.
If you are legit, you have all these legal permits and it won’t even take you 15 minutes to write it all down on the comment section below. It will at least give the opportunity to those who are curious the chance to verify your legitimacy with our government offices.
Who knows million-pesos investors are just waiting for that.
Note: I will update this post come December 2012 when supposedly Aman will leave Pagadian City to venture into the next city so they can help those who need their help and who want to rise from poverty.
Screenshots below are warnings from both PIA and SEC:
Warning from the Philippine Information Agency About Scams Proliferating in Pagadian
If you want to read more about the issue of scams proliferating in Pagadian City, checkout this warning from the Philippines Information Agency with screenshot above. PIA is an official website of the government. This is a credible website own by the Republic of the Philippines and managed by government employees. Our country’s government websites have “gov.ph” in its url or domain name.
Anyone can create websites and put any info that they want but not everyone can have a “_.gov.ph” website. This is only reserve for government agencies and as such if they published warnings, then it’s a legit warning.
Part of their warning states:
“PAGADIAN CITY, July 10 2012 — The Department of Trade and Industry (DTI) provincial office has warned against business scams proliferating in the city.
Provincial Director Ma. Socorro M. Atay said DTI-ZDS advises the public to beware of scams such as pyramid scams, sales scams, text scams and other similar modus operandi. Scammers are very convincing that one gets carried away with their glib talk. ”
And this is a screenshot of the “Notice to the Public” by SEC or the Securities and Exchange Commission of the Philippines. You can go directly to the SEC official website to view this warning:
If you are an investing on something, you should ask yourself what did you get the moment you gave your money as your capital, as your investment, what kind of certificates, receipts?
Investing on anything or going into business means risk, and risk could go both ways.
You either win or lose. Great for those who win.
Update: September 26,2012
Friendly Advise, you can or you can’t follow, up to you:
To those who invested in this, please call your kins in Pagadian and ask for update now.
Call only people you trust to know the real status.
@All who received post dated checks from Aman:
I suggest you call the concerned bank branch TODAY, tell them you receive a post dated check and you want to verify standing as of the time of your call. The bank CSR can inform you of the account standing but will tell you that it’s not an assurance that when your check due date comes, the standing of the account will remain the same. The CSR is not violating any banking law by confirming standing of the account when you call. I know because I’ve worked in a major bank in the Philippines before.
You will need to give the CSR who will take your call these details:
1. Check Account number
2. Check Account name
3. Date of check
4. Amount of check
5. Check number
Ask if good standing yung account, the CSR will be able to say ‘Yes’ or ‘No’. Also ask if there is enough funds that can cover your check at the time of your call, again, the CSR can only say ‘Yes’ or ‘No’. The CSR will not be able to give you specific details like account balance or account signatories as these details are protected info.
Note again, the standing at the time of your call and when your actual ‘check date’ comes may changed. I suggest you call the bank from time to time, BE VERY VIGILANT.
October 4, 2012 – UPDATE on Aman in Pagadian
I’ve lifted this interview with DTI Provincial Director from Zamboanga del Sur Ms.Ma. Soccoro Atay from Mindanao Examiner Tele-Radyo.
Kindly listen to her interview with radio broadcaster and commentator Al Jacinto, it might shed some light to the confusion.
Director Ma. Socorro Atay: “At the end of the day, they (investors) cannot blame others.”
Radio host Al Jacinto: “Ang balita po namin director eh nagiimbestiga na yung PNP Criminal Investigation and Detection Group and the Anti Money Laundering Council about this scam.”
Director Ma. Socorro Atay: “About the scam, I just hope they make it soon no, para faster ba, faster ang ilang action, para they will be able pa naman to catch the perpetrators…”
Radio host Al Jacinto: “Eto po ba director, tantamount ba to to syndicated estafa o large scale swindling?”
Director Ma. Socorro Atay: “Yes, definitely. Yes definitely. All of the above. Definitely. It’s a matter of catching these people at once because who do you run after if there is nobody there anymore.”
Director Ma. Socorro Atay: “If it’s too good to be true, It’s really a scam. Wag ka nalang sumali.”
Take time to listen to the interview whether or not you are PRO or ANTI AMAN, it’s just about 30 minutes.
Director Ma Socorro Atay recommended the next steps that investors and all stakeholders must take, it’s up to you whether or not you will follow her professional and expert recommendation.
Source: Mindanao Examiner Tele-Radyo
Update: October 7
For new commenters on this post: Use your VALID email account connected to a VALID Facebook account. Ang dami na kasing sinungaling dito at puro tsismis ang pinaparating.
I will not approve any new comments or commenters using bogus credentials. Nakakalungkot po kasi down na down na yung mga tao dahil wala pang kasiguraduhan yung kanilang mga pera at puro tsismis pa at panglalait ang pinapakalat ng ilang walang-awang mga tao. Takot naman ilagay ang tunay nilang pangalan pag nag-comment.
If you want to disparage other people or other commenters, make yourself a website that people actually reads. I am very lax in approving comments but do not try my patience.
Ikaw commenter “Mabuhay Aman”, Yes ikaw, isa kang duwag susupport support kay Aman at nang-aapak ng tao sa comment tapos nagtatago naman sa huwad na katauhan. Post with your real name that is verifiable by me and I will approve all your comments. Don’t take me and the Pagadianons as idiots.
THE PEOPLE OF PAGADIAN DESERVES THE TRUTH.
UPDATE OCTOBER 10, 2012 ON AMAN
A MAJOR NATIONAL PAPER HAS ALREADY CARRIED THE STORY ON AMAN FUTURES GROUP PHILS INC TODAY.
Please read the FULL NEWS REPORT from INQUIRER.NET :
SEC uncovers P244-M double-your-money scam
Start of the news report reads:
MANILA, Philippines—The Securities and Exchange Commission has uncovered a P244-million “double-your-money” scam perpetrated by a Pasay-based trading firm Aman Futures Group Phils. Inc. that allegedly victimized investors—especially low-income earners—in Pagadian City and other parts of Visayas and Mindanao.
ending portion of the report:
The SEC uncovered four “grave” violations of the Securities Regulation Code by Aman Futures in this case.
*non-registration of securities sold as investment contracts;
*non-registration as broker or dealer but acting as such;
*engaging in commodity futures contracts despite a prohibition by the SEC; and,
*engaging in activities that are “off tangent” with the company’s primary purpose as a general trading company.
“Nowhere in the primary purpose of Aman Futures is it stated that the company can engage in the business of soliciting and accepting investments and money placements from the public,” the order said.
Read the INQUIRER NEWS for the FULL STORY:
Another article published in the BUSINESS MIRROR October 10, excerpt below:
He admitted that Aman Futures lacked a secondary license to sell securities but claimed the company was unaware of this requirement. Efforts to comply, which he said started two-and-a-half months ago, have been postponed, given that the SEC had already started its investigation….
… It was not immediately clear whether Aman Futures has enough funds to meet its obligations to investors.
SEC Chairman Teresita Herbosa said the corporate regulator would continue its investigation on Aman Futures.
“The next step is finding out if there is a basis for a criminal complaint,” Herbosa told reporters in a late afternoon news conference on Tuesday.
The SEC will need to gather witnesses but these could be in short supply during the early stages of an investigation, said Herbosa, an experienced litigator.
“Usually the victims don’t complain until the very end. They are still being misled that they will get their money back and they know that if they complain, they will not be able to recover,” she said.
Aman Futures, whose registered address is in Pasay City, was established in June 2012 by incorporators and directors Manuel K. Amalilio, Fernando Luna, Lelian Lim Gan, Eduard Lim, William L. Fuentes, Naezelle M. Rodriguez and Luriz Lopez.
Full Copy of the Cease and Desist Order by the Securities and Exchange Commission issued against Aman Futures Group Philippines Inc. can be found on this link:
UPDATE: OCTOBER 17, 2012 on AMAN
I’m just putting this here to answer those emails and inquiries requesting about news and updates on Aman. The rumors that surfaced these last few days and circulating through emails and sms in Pagadian claiming that the SEC secondary permit has been signed and approved IS NOT TRUE per SEC advisory. SEC has again issued statement dispelling that rumor.
The status as of now October 17 remains the same:
CDO on Aman Futures Group Phils Inc stands and remains in effect.
You can visit these links from these reputable news agencies in the Philippines regarding this clarification and for the details:
Business Mirror – http://www.businessmirror.com.ph/index.php/business/companies/642-no-green-light-for-aman-to-resume-operations-sec
Business World Online – http://www.bworldonline.com/content.php?section=Corporate&title=SEC-upholds-order-vs-Aman-Futures-Group&id=60144
UPDATE: October 27, 2012
The Aman Story of Pagadian has generated enough attention that major tv networks have run a story on this. First, there was coverage by GMA News and just an hour ago by Reaksyon TV 5 program of Luchi Cruz Valdez. Click this post to watch the tv coverage —-> Aman Pagadian TV Coverage
UPDATE: November 10 Huge Development!
Secretary of DILG Mar Roxas has had meeting with investors and those who are handling the Aman of Pagadian Case and directed them to pursue the case and find those who are hiding etc. Info from Balitanghali Weekend.
UPDATE: JANUARY 24, 2013 – AMAN FOUNDER FOUND in MALAYSIA!!!
Amalilio has been arrested in Kota Kinabalu, Malaysia. The Philippine authorities are now arranging for his deportation back to the country.
Read more here: http://www.abs-cbnnews.com/video/nation/01/23/13/fake-passport-led-amalilios-arrest
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