Former Vice Mayor Investigated For Involvement in Cryptocurrency Scam

October 29, 2019 – A former government official that was arrested for his participation in an investment scheme is now being investigated for his involvement in the cryptocurrency investment scam called Freedom Traders Club (FTC).

As reported by Sun Star, a Securities and Exchange Commission (SEC) Northern Mindanao Director Renato Egypto said Former Cagayan De Oro Vice Mayor Caesar Ian Acenas was present during the Freedom Traders Club Launching and was also seen supporting the investment scheme even when a probe against it was already launched. Mr. Egypto, however, clarified that he does not know of the former vice mayor’s involvement because his name was never mentioned during the investigation. There were also no complaints, but the SEC was wondering why Mr. Acena was visible during those specific FTC events.

Mr. Acena was arrested originally in connection to his involvement in Phoenix EA Holding International Incorporated, an investment scam that entices public with a promised return of money within 45 days. Phoenix and FTC are not registered to solicit investments to the public. Mr. Egypto of SEC said he is not surprised that the scams are also preying on people with authority, such as the former vice mayor, because it makes it easier to lure ordinary people to invest. Mr. Egypto said, “I advise people to really practice due diligence and discern before engaging themselves into any business or investments.”

Source: SunStar

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