The Philippine police apprehended 31 people involved in a cryptocurrency scam. The group was called Roses 4U Inc. and scammed people through an online call center to solicit investments in foreign exchange, commodities and crypto currencies by offering them fake trading accounts. The vast majority of victims were foreign citizens.
The Philippine police Anti-Cybercrime Group along with agents from the Philippine Securities and Exchange Commission (SEC) and the Anti-Money Laundering Council raided the offices of the company in Cavite and Pasay City, which led to these arrests.
An interesting detail is that the company in question, Roses 4U Inc., was properly registered with the Philippine SEC, but had no license to offer or sell securities.
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Hopefully this is the end of that scam ring, but this is a problem that, unfortunately, applies to the industry as a whole.