Philippine Hedge Fund Scam Exposed: Maharlika Fund Entangled in Fraudulent Schemes

A shocking revelation has emerged, revealing a Philippine-based hedge fund embroiled in a web of fraudulent schemes, casting doubts on the legitimacy of President Ferdinand Marcos Jr’s much-touted Maharlika fund. The fund, touted as a US$8.9 billion project, has been accused of using fake donations and Ponzi schemes to lure unsuspecting investors.

The Controversy Surrounding BBMII

At the center of the controversy is BBMII, a corporation registered with the Securities and Exchange Commission (SEC) in March last year. Despite its registration, the organization failed to obtain the necessary permits to operate as a hedge fund. This has led to accusations that it is using fake donations and Ponzi schemes to attract investors.

SEC Investigation

The SEC has launched an investigation into BBMII’s activities, but so far, no charges have been filed against the organization or its officials. The Philippine National Police Anti-Cybercrime Group has also been contacted, but no statement has been issued on the matter.

Expert Concerns

Experts say that the ease with which Filipinos have given up their personal information and biometrics to groups like BBMII is a major concern. “Any personally identifiable information, coupled with biometrics such as picture or even thumbprints and blood type whether voluntarily given or illegally obtained, can be used for nefarious purposes,” said Dominic Ligot, a data security and privacy advocate.

Maharlika Fund Controversy

The controversy surrounding the Maharlika fund has also raised concerns about its legitimacy. Critics have accused Marcos Jr of using the fund to launder wealth plundered by his family during their time in power. The government has yet to recover from the Marcos family’s reported US$10 billion wealth plunder.

Criticisms of the Maharlika Fund

Experts say that its promise of high immediate returns on investment is unsustainable and could be a scam.
Critics argue that the fund is being used to launder wealth plundered by the Marcos family during their time in power.

Economic Concerns

The controversy surrounding the Maharlika fund has also raised concerns about its potential impact on the country’s economy. “This could have serious consequences for the Philippine economy,” said House Ways and Means Committee chair Congressman Joey Salceda. “We need to get to the bottom of this matter as soon as possible.”

The Bangko Sentral ng Pilipinas (BSP) has warned against the use of fake currencies such as the Golden Zion, which is being peddled by a group called Maharlika Nation. The BSP said that only it can issue legal tender and that the use of fake currencies is illegal.

Conclusion

The controversy surrounding the Maharlika fund and BBMII has raised serious concerns about the legitimacy of the fund and its potential impact on the Philippine economy. It is essential to get to the bottom of this matter as soon as possible to prevent further damage and ensure the protection of investors’ interests.