Politicians among 15,000 Pinoys duped in Aman Futures pyramid scam

Budget Secretary Florencio Abad has confirmed that some politicians also fell victim to a pyramid scam that duped thousands of Filipinos with a promise to double their money.

Budget Secretary Florencio Abad has confirmed that some politicians also fell victim to a pyramid scam that duped thousands of Filipinos with a promise to double their money.

 

Kathleen Martin of ABS-CBNNews.com reports Abad said politicians could be held liable if it is found that they used their local government unit’s share of taxes to invest in Aman Futures. Abad said the Internal Revenue Allotments for LGUs should not be used for investments. "Hindi pwedeng ilaro sa money market. Bawal na bawal po yan," the report quotes him as saying.

 

"Without mentioning names, merong mga naglagay. Pinag-aaralan pa nga baka merong nangapital pero wala hong kaduda-duda na merong naglagay," Abad said in a radio interview over DZMM. The Department of Justice, National Bureau of Investigation, and the Department of Interior and Local Government are investigating Aman Futures, a trading firm that allegedly defrauded low-income investors of up to P12 billion.

 

For more on this story, log on to ABS-CBNNews.com.

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