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Article: DTI, SEC to tighten oversight on pyramiding.(Business)
- Article from:
- Manila Bulletin
- Article date:
- July 24, 2002
CopyrightCOPYRIGHT 2002 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Department of Trade and Industry (DTI) and the Securities and Exchange Commission (SEC) yesterday signed a memorandum of understanding to guard against the proliferation of the illegal pyramiding operations and sale of unregistered investments.
A government official said the MOU was forged in light of the investigation against Glasgow Credit and Collection Services and ICS Exports Inc., both allegedly involved in duping investors via pyramiding operations.
"Some of those engaged in pyramiding are using the legitimate multi-level marketing to dupe investors," the official said.
"There is a thin line between multi-level marketing and ...