Photo from ABS-BCN
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I have been following the developments of this issue because I grew up in Pagadian. Victims of this scam includes my relatives and former classmates as well as people familiar to me. I know too well the people involved, like the former mayor and his wife.
I first knew about the scam when my high school classmate messaged me in Facebook. She knew that I have been investing in the stock market, and she told me that she saw my aunt lining up to invest in Aman Futures Group. I asked her what business is Aman into and she said "stock market", and she said it promises 100 percent gain in just 2 weeks! I told her right away that it is scam and that she should pull out the money before it'll collapse. She said that "daghan na nangadatu" (many became rich) because of that investment. I was so cocky and said straight to her that it was a scam. I know, I know.. bragging.. bragging.. blah blah blah.. Forgive me, but I was so proud of myself because I spotted right away that it was a scam, thanks to all the reading and studying that I did before dipping my toes into the world of investing.
Upon learning about that scam, I was posting statuses in Facebook, posting in forums and all to let Pagadianons know that it's a scam, but no one would listen. I did my share and I talked to my relatives to pull out there money before the pyramid will come crashing down, but no one would listen. I even emailed SEC and ABS-CBN, but my emails weren't answered.
Three months later.... all I can say was " I TOLD YOU SO".. I was so sorry to brag like that because too many suicide was happening left and right because of that scam. A retired teacher committed suicide coz all her retirement money was in the scam. My uncle's 1 million was all gone (he took out loan against his house so he can invest in Aman), retirement money of my aunt, our family friend who did not go through a necessary operation for the heart coz all the money was gone and a lot more sad stories up until now. I am so devastated coz I feel like I did what should be done and warned them, but they won't listen. I guess it's hard to teach old dog new tricks. Sigh.
Here's hoping that victims will get their money back even without interest or, if worse comes to worst, even 80 percent of their money. I hope PNoy will help Pagadianons as Aman Futures Group scam is the biggest scam in the history of the Philippines yet. I hope the government will implement teaching financial literacy to school....