FROM MIFE(1985) TO PIPC(2007)… PHILIPPINE INVESTORS AND GOVT. REGULATORS NEVER REALLY LEARNED

WHEN THE PERFORMANCE INVESTMENT PRODUCTS CORPORATION SCAM HIT THE NEWS WIRES, SOME WRITERS DESCRIBED THE INCIDENT AS BEING SIMILAR TO THE LARGE SCALE INVESTMENT FRAUD PERPETRATED BY THE MANILA INTERNATIONAL FUTURES EXCHANGE IN THE MID‘80′S.
BUT DOES THE SIMILARITY END THERE?

FOR MORE THAN A DECADE, FROM 1985 TILL 1996, THE MANILA INTERNATIONAL FUTURES EXCHANGE HAVE BEEN MILKING THE UNSUSPECTING PHILIPPINE INVESTORS MILLIONS OF THEIR HARD EARNED MONEY, WHILE THE CORRUPT OFFICERS OF GOVERNMENT REGULATORY AGENCIES TASKED TO MONITOR AND PROTECT THE INVESTING PUBLIC PLAYED COY WITH THE PERPETRATORS OF THE SCAM.
WHAT VERY FEW PEOPLE KNEW THEN WAS THE FACT THAT THE OFFICERS OF THE EXCHANGE WERE MERE DUMMIES OF A GROUP OF EVIL SCHEMING HK-BASED CHINESE BUSINESSMEN WHO HATCHED THE PLAN TO ESTABLISH THE FIRST EVER COMMODITY FUTURES EXCHANGE IN THE COUNTRY.
ALSO, WHAT VERY FEW PEOPLE KNEW THEN WAS THE FACT THAT THE MEMBER-BROKERS OF THE EXCHANGE WERE ALL HENCHMEN OF THIS GROUP WHICH BANKROLLED THEIR PHILIPPINE OPERATIONS.
AND WORST, NEVER DID THE REGULATORY AGENCIES, SPECIALLY THE SEC SUSPECT THAT THEY WERE BEING USED TO LEGITIMIZE THIS GRAND SCHEME TO SCAM PHILIPPINE INVESTORS. THEY WERE LED TO BELIEVE THAT BY HAVING ITS OWN COMMODITY FUTURES EXCHANGE, THE PHILIPPINES WILL BE SEVERAL STEPS AHEAD OF ITS NEIGHBORS IN TERMS OF ECONOMIC DEVELOPMENT. AND SOMEHOW, THE HUGE AMOUNT OF GREASE MONEY THAT CHANGED HANDS THEN, INSURED THE ESTABLISHMENT OF THE EXCHANGE.

IT WAS TOO LATE FOR SEC TO LEARN THAT THE PEOPLE THEY WERE DEALING WITH WERE THE SAME PEOPLE RUNNING A NETWORK OF BOILER ROOM OPERATIONS ALL OVER AUSTRAL-ASIA.
AND, WHEN THE AXE WAS ABOUT TO BE STRUCK ON THEM BY THE SEC IN 1995 BECAUSE OF A DELUGE OF COMPLAINTS AND LAWSUITS, MOST OF THESE MIFE BROKERS RELOCATED TO NEW OFFICES, REGISTERED NEW NAMES, AND VENTURED INTO SPOT FOREIGN CURRENCY TRADING ,WHICH AT THAT TIME WAS HARDLY REGULATED , AND WAS JUST AS PROMISING ,AND JUST AS ATTRACTIVE TO INVESTORS LOOKING FOR "GET RICH QUICK" SCHEMES SIMILAR TO COMMODITY FUTURES TRADING.
IN THE ABSENCE OF REGULATORY MEASURES, THESE BOILER ROOM OPERATORS PLAYED "CATS AND DOGS" WITH THE SEC. THEY WOULD CLOSE SHOP IN ONE PLACE ONLY TO RE-APPEAR IN ANOTHER PLACE UNDER A DIFFERENT NAME.
GUESS WHO WERE THE PEOPLE BEHIND THE PPIC SCAM?
THEY WERE THE SECOND STRINGERS OF SOME OF THE BROKERAGE HOUSES OF MIFE IN THE MID '80S. THEY WERE THE BACK ROOM BOYS THEN. THEY ARE THE PRINCIPAL SCAMMERS NOW.