LTFRB warns public vs ‘Yellowdot’ investment scheme
Credit to Author: kadraneda| Date: Thu, 28 Mar 2019 11:17:38 +0000
MANILA, Philippines – The Land Transportation Franchising and Regulatory Board (LTFRB) on Thursday warned the public against investing with Yellowdot Transport Terminal Inc., which offers “Millennial Jeep.”
According to an advisory from LTFRB, Yellowdot, a company engaged in providing transport services, offers investment contracts that include the purchase and management of “Millennial Jeep” worth P1.95 million. Investors are required to pay a down payment of P250,000 while the rest of the amount will be paid through a car loan.
The investment promises a return of investment ranging from P55,000 to P85,000 per month.
LTFRB, however, said that the transport company operates the investment scheme without the approval of the Securities and Exchange Commission (SEC).
“During the LTFRB board meeting on March 27, officials and legal counsel from Yellowdot Transport Terminal Inc. were summoned to explain to the LTFRB the reported incidents of offering investment contracts to the public on the purchase and management of ‘Millennial Jeep’ without due license from SEC,” LTFRB said in the advisory.
“The allegations were confirmed by officials of Yellowdot during the meeting.”
“In view thereof, the investing public is forewarned not to accept offer or solicitation of this type of investment from Yellowdot,” LTFRB also said. /kga
