The Philippine Consulate in Dublin has been asked by the Irish Competition and Consumer Protection Commission to advise all concerned of the following advisory:
Consumer Warning: EmGoldex / Global InterGold
Tuesday, 14 June 2016: The Competition and Consumer Protection Commission (“the CCPC”) has today issued a warning to consumers not to engage with a company suspected of operating a pyramid scheme, that has been targeting consumers in Ireland. This warning follows an examination by the CCPC of the activities of a business formerly trading under the name “EmGoldex”, who the CCPC believe is now trading as “Global InterGold”.
The CCPC commenced an investigation of the business activities of the online store EmGoldex following information provided by a consumer though the CCPC’s helpline. The CCPC found that the company offered potential customers an opportunity to purchase gold bars for a minimum cash cost, if they engaged in promotional activities and recruited other participants. It was the recruitment aspect of their business model that indicated the company might be operating a pyramid scheme.
In the course of its investigation the CCPC consulted with the Philippines Securities and Exchange Commission (SEC) who confirmed that they consider the company’s activities to be a scam. The SEC also confirmed that EmGoldex is neither a registered company nor authorised to solicit investments from the public in the Philippines. SEC has issued ‘cease and desist’ orders against both EmGoldex and Global InterGold to immediately stop them from seeking investments from the public….Read more