Julius Gregory Delgado
IBP-BOHOL CHAPTER STATEMENT/ADVISORY ON REPA/REPA PALUWAGAN INVESTMENT SCHEME
We, the Officers and Board of Directors of the Integrated Bar of the Philippines-Bohol Chapter, commiserate with the thousands of Boholanos who became victims of this Ponzi scheme called “Repa/Repa Paluwagan” and lost their hard-earned money during this time of pandemic. As confirmed by the Securities and Exchange Commission (“SEC”) in an Advisory dated 12 October 2021, this Repa/Paluwagan Investment Scheme is not licensed by their office, hence, the selling of its so-called Repa Slots is not legitimate.
As the modus operandi of this so-called Repa/Repa Paluwagan Investment Scheme was unveiled, we are appalled to learn that the legal profession was used by the perpetrators to provide semblance of legitimacy to their Investment Scheme. Under their Investment Scheme, the perpetrators recruit Agents/Resellers who will solicit investments from the public by selling Repa Slots with a promise of high returns and for them to issue Promissory Notes to their buyers. We condemn in the strictest sense the use of the process of notarization of these Promissory Notes to entice the public to subscribe and avail of these unauthorized and unlicensed Investment Contracts.
WE WISH TO EMPHASIZE TO THE GENERAL PUBLIC THAT ALL INVESTMENT CONTRACTS OR SOLICITATIONS MUST BE LICENSED BY THE SEC INCLUDING THOSE WHO WANT TO BE SELLERS, BROKERS AND AGENTS THEREOF. MERE NOTARIZATION OR ACKNOWLEDGMENT BY LAWYERS OF THESE INVESTMENT CONTRACTS/INSTRUMENTS IS NOT A SUBSTITUTE TO THE LICENSING REQUIREMENT INSOFAR AS SELLING SECURITIES AND SOLICITING INVESTMENTS FROM THE PUBLIC ARE CONCERNED.
We call on the law enforcement agencies to conduct a swift and thorough investigation in order to identify the masterminds who hatched this Repa/Repa Paluwagan Investment Scheme and immediately file cases against them to give justice to thousands of Boholanos who were easily duped and exploited because of their hardships brought by the pandemic. We call on our fellow lawyers to assist, in every way possible, the victims of this Repa/Repa Paluwagan Investment Scheme in filing cases and in their efforts to recover their investments.
We wish to remind our brethren in the profession to be more vigilant and suspecting not to allow our profession and the sacred process of notarization to be used to give semblance of legality and legitimacy to what are actually unauthorized investment contracts, transactions, and solicitations. Aside from our obligation to our clients, we should be reminded of our obligation to uphold the laws, rules and regulations of the land and uphold public interest at all times.
We implore on the public to always have an inquisitive mind when it comes to entering into investment contracts. Aside from ensuring that a person soliciting investments has the necessary secondary license from the SEC, the public should be warned against “too-good-to-be-true”, “get-rich-quick” and “gullibility” schemes which the conman/perpetrator will use any and all means to make it look legal, legitimate, and enticing to the general public.
IBP-Bohol Chapter remains committed to help the victims, the poor, the needy and the oppressed and to uphold the Rule of Law.