SMFund is said to be another ponzi scheme luring people to invest their money and in return paid by money raised from subsequent investors instead of profits gained from real business.
Investors are required to provide a minimum of $10 for the said deal and will then generate a two percent interest on investment.
The Security and Exchange Commission will now sue the six undisclosed names implicated in this scam. They were said to be posting ads on Baguio newspaper about SMFund scheme.
In the statement expressed by SM Investments Corp., they warned the public that they are not endorsing the said scheme on websites and they are not even connected and is not responsible to the contents of the SMFund.com or sminvestment.com websites.
SM Investment lawyer said that the company will file charge of trademark infringement against the administrators of SMFund.
Source: abs-cbnNEWS.com
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