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PSE warns public on unauthorized use of logo, name

THE Philippine Stock Exchange, Inc. (PSE) warned investors about a fraudulent scheme using its name and logo that targets foreigners residing in the country.

In a memorandum posted on its website, the stock market operator said it had received information that the PSE’s name and logo were used in falsified documents that certify stock ownership of several listed shares.

The PSE added that its name and logo were also used in documents that display the fees or charges to facilitate the liquidation of stock investments.

“The PSE does not certify shareholdings in listed companies because the records of legal and/or beneficial owners are in the possession of the stock transfer agent appointed by the listed firms,” the memorandum said.

“Fees and taxes incurred in a sale transaction, on the other hand, are deducted from the proceeds of the selling transaction,” it added.

According to the memorandum, the documents are included in an illegal scheme that targets foreign residents.

It added that there is no existing agreement between the PSE and the Philippine Deposit Insurance Corp., which allows the former to assign an officer of the insurer to confirm an individual’s shareholdings.

The PSE refutes any obligation or liability for any action that may have been taken as a result of the fraudulent scheme, it said.

The memorandum warned the public to be vigilant and cautious regarding any documents that have supposedly come from the PSE, adding that verification should be done.

“If names of individuals are indicated on documents, it would be prudent to get in touch with PSE or the company they are supposedly connected with to ascertain their affiliation,” the PSE said.

“Check the contact details used such as the office address, e-mail address, telephone number to determine whether these information are accurate and official,” it added. — Revin Mikhael D. Ochave

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