Sen. Robin Bill Protects Endorsers from Investment Scams
December 4, 2024
Sen. Robin Bill Protects Endorsers from Investment Scams
To help protect celebrity endorsers from being dragged into illegal investment scams, Sen. Robinhood "Robin" C. Padilla has filed a bill penalizing such illegal activities.
Padilla's Senate Bill 2889 aims to prevent a repeat of what happened to actress Nerizza "Neri" Naig-Miranda, who was arrested for alleged syndicated estafa and violations of the Securities Regulation Code.
"Recent events reveal a growing concern for the welfare of endorsers whose names are dragged into various investment scams. Oftentimes, they are the first ones to be accused of crimes related thereto just because their names and faces were made prominent by companies who secured their services as endorsers," he said in his bill.
"This measure seeks to offer protection to endorsers by providing mandatory provisions into their engagement agreements that will clearly define not only their obligations but more importantly, their relationship with the company and their noninvolvement in any sale of investment contracts and securities if the latter is engaged in such business," he added.
Under Padilla's proposed "Product Endorsers Protection Act," all product endorsement agreements must have a full disclosure of the nature of the business and all products covered by the endorsement.
The agreements must also have a categorical statement on whether the business is engaged in the sale of investment contracts and other securities.
"In the event that the business or venture is engaged in the sale of investment contracts or other securities, there must be a clear prohibition on the part of the endorser to engage in the promotion or sale thereof with an expectation to receive profits or commissions if the same is not a licensed broker ... Businesses or ventures engaged in the sale of investment contracts and other forms of securities shall refuse to accept investments obtained through the efforts of any endorser if the same is not a registered broker," the bill said.
Endorsers who represent themselves as agent of any business or venture unauthorized to sell investment contracts and other forms of securities shall be liable for any claims filed against them.
A fine of P100,000 is imposed for the first offense; P300,000 for the second offense; and P500,000 to P1 million and revocation of the Certificate of Registration for the third offense.
Endorsers Protektado vs Investment Scams sa Bill ni Sen. Robin
Upang tiyaking hindi madadamay ang mga celebrity endorsers sa mga investment scam, naghain ng panukalang batas si Sen. Robinhood "Robin" C. Padilla para patawan ng parusa ang nasabing iligal na gawain.
Sa Senate Bill 2889, layunin ni Padilla na iwasang maulit ang nangyari sa artistang si Nerizza "Neri" Naig-Miranda, na inaresto dahil sa reklamong syndicated estafa at paglabag sa Securities Regulation Code.
"Recent events reveal a growing concern for the welfare of endorsers whose names are dragged into various investment scams. Oftentimes, they are the first ones to be accused of crimes related thereto just because their names and faces were made prominent by companies who secured their services as endorsers," aniya sa kanyang panukalang batas.
"This measure seeks to offer protection to endorsers by providing mandatory provisions into their engagement agreements that will clearly define not only their obligations but more importantly, their relationship with the company and their noninvolvement in any sale of investment contracts and securities if the latter is engaged in such business," dagdag niya.
Sa ilalim ng panukalang "Product Endorsers Protection Act" ni Padilla, lahat na product endorsement agreements ay dapat may "full disclosure" tungkol sa negosyo at sa mga produktong sakop ng endorsement.
Dapat may malinaw na pahayag din ang ganitong kasunduan kung ang negosyo ay nagbebenta ng investment contracts at ibang securities.
"In the event that the business or venture is engaged in the sale of investment contracts or other securities, there must be a clear prohibition on the part of the endorser to engage in the promotion or sale thereof with an expectation to receive profits or commissions if the same is not a licensed broker ... Businesses or ventures engaged in the sale of investment contracts and other forms of securities shall refuse to accept investments obtained through the efforts of any endorser if the same is not a registered broker," ayon sa panukalang batas.
Maaaring kasuhan ang mga endorsers na nagpakilalang ahente ng negosyo na hindi pinahihintulutang magbenta ng investment contract at ibang securities.
Sa panukalang batas, papatawan ng multang P100,000 ang unang paglabag; P300,000 sa ikalawang paglabag; at P500,000 hanggang P1 milyon at pagbawi ng Certificate of Registration sa ikatlong paglabag.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
