The Securities and Exchange Commission (SEC) has issued a warning to the public about fraudulent loan schemes that impersonate registered companies. In a recent advisory, the regulator flagged two unregistered online lending platforms—"Peso Maya" and "Pesolending"—which falsely used the corporate name of Micropinnacle Technology Corp. to solicit borrowers.
The SEC confirmed that these platforms are not authorized to operate and are not registered with the commission, raising serious concerns about potential harm to consumers. Additionally, an unauthorized website claiming affiliation with Project Duo Integrated Communications Corp. was identified, misrepresenting itself to offer loan products and financial services.
These scams typically involve advance-fee fraud, where victims are required to pay upfront charges before the promised loan proceeds are released. According to the SEC, such tactics are commonly used by fraudsters to extract money without delivering any legitimate financial service.
Authorities urge the public to remain vigilant and verify the legitimacy of lending companies before engaging in any transaction, especially those conducted online. Victims and concerned individuals are encouraged to report suspicious activities through the SEC's hotline and digital reporting channels.
The SEC emphasized that it continues to intensify its campaign against illegal investment-taking and fraudulent financial schemes through advisories and financial literacy initiatives. The commission reiterated its commitment to protecting investors and borrowers by promoting awareness and strengthening regulatory oversight over unauthorized entities.