ANOTHER suspected Internet-based “Ponzi investment scheme is now under close watch by the Securities and Exchange Commission (SEC) on the heels of the breaking up by the National Bureau of Investigation of an earlier scheme called Francswiss.

SEC compliance and enforcement director Hubert Guevarra identified the suspected site as SMFund.com, whose modus operandi appeared similar to Francswiss Investment. He added they have a long list of entities being closely monitored for possible online investment scams.

“But unlike Francswiss, SMFund allows investors to invest as low as that could earn an interest of 2 percent a day over a period of 100 days, he said, but that SMFund operates without a license, thus, has no right to solicit funds from the public.

“We have actually received complaints from two victims who lost money in SMFund. One victim borrowed ,000 to use as investment while the other invested his own money. We are now preparing the charges against SMFund.

Guevarra added the commission will submit to police the names of six individuals responsible for placing print ads about SMFund in local papers. “One publication was secured in Baguio and the ad indicated solicitation to the public, he said, adding, “We can’t divulge the identities of the persons yet but definitely, charges will be filed.

SMFUnd, on its web site, classified itself as an independently owned and operated financial service which manages funds for medium to high net-worth individuals who would like to position part of their portfolio into higher return ratio.

SM Investments Corp. (SMIC), the holding company of the Sy family, reiterated it is not in any way related to SMFund.com.

SMIC senior vice president for legal and corporate affairs Corazon Morando said, “Neither does the SM Group of Companies sponsor or endorse any investment scheme contained in the web site with the domain name SMFund.com.

She also warned the public of another suspected online swindling site called sminvestment.com, adding this site is also not owned by the SM Group of Companies. 

The Antimoney Laundering Council said it is looking into possible violations by these Internet-based investment scam operators of the antimoney laundering law.