MFT scam: SEC bares Isla Lipana-PwC’s hand in Mica Tan’s fabricated billion-peso income (Bilyonaryo.com)

[taryn12]

sigh imagine relying on MFT’s audited financial statements

Still the same cautionary tale: if it’s promising very high annual returns for your investments (in this case, between 12-18%), be very wary about it.

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The Securities and Exchange Commission has accused Isla Lipana & Co., the Philippine unit of the world’s second-largest accounting giant PwC, of colluding with self-styled trading wizard Mica Francesca Tan in luring investors into her multi-billion peso Ponzi-style investment scam.

The complaint filed by the SEC with the Department of Justice, a copy of which was obtained by Bilyonaryo.com, highlighted that Isla Lipana’s questionable audit reports for Tan’s MFT Group of Companies from 2018 to 2021 played a pivotal role in supporting Tan’s fraudulent scheme to drain funds from the investing public.

Full article here

 

[missjojo]

@taryn12 May mga kilala ako na naglagay ng retirement money nila dyan. Nakakaawa at ang tagal nilang pinaghirapan napaloko lang. Sana she get what she deserve.

 

[cassafrass0803]

@missjojo Same. We might be referring to the same person.

 

[lionbacker54]

@taryn12 Damn, PWC caught lacking

 

[shamara4him]

@taryn12 Buti nalang wala akong 1 million

 

[nedeio]

@taryn12 Every decade meron talagang mega ponzi. During the late 90s early 00s it was luke roxas of ASB group (st francis square etc) ang daming naloko dyan.

Now its Mica Tan.

 

[brandyboo826]

@nedeio Do you know what happened to the case against Luke Roxas and if they were found guilty? Read the court cases that are available online and the decision is only on upholding the probable cause found by the DOJ. Thanks!

 

[nedeio]

@brandyboo826 My mom was a victim, hangang ngayon zero

 

[bellavoce7]

@taryn12 Nakakulong na ba yang Mica Tan?

 

[gerardeflow]

@bellavoce7 Makukulong sya pag hindi sya nagbayad

 

[evats1310]

@taryn12 May nakulong na ba from a white collar crime dito? I mean yung mga ganitong high stakes hindi yung mga small time estafa cases.

 

[taryn12]

@evats1310 Delfin Lee (Globe Asiatique) comes to mind, but I’m not updated with his case.

 

[vpo3]

@taryn12 Tsk tsk PWC…

 

[ineedthee66]

@taryn12 This reminds me of the role credit rating companies played in the 2007-2008 financial crisis.

Fact is companies will do things to further or uphold their business interests. Sadly, for some (or many? IDK) di requirement ang integrity.

Kaya always tread with caution when investing.

 

[rkebreau]

@taryn12 grabeng ponzi scheme kawawa mga nag-invest

 

[gerardeflow]

@rkebreau Kawawa talaga, billions ang nakulimbat nya, nakakaawa, pinaghirapan ng ibang tao, nilimas nya tapos hindi na mabayaran, inangkin na nya. Ang daming naghihirap ngayon dahil sa Ponzi scheme nya

 

[resjudicata]

@taryn12 Damn that auditing firm is cleaning their hands, every finance/accounting people will understand

 

[taryn12]

@resjudicata do you think PwC/Isla Lipana will let their auditors face the complaint alone? as in hugas kamay sila sa ginawa ng auditors?

 

[stevesebunya]

@taryn12 Yay. My elem hs used to hang out/partner with her. Me mga posts pa sya dati about them.

 

[dalia24]

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https://bilyonaryo.com/2023/10/31/p...groups-state-of-the-art-kidney-center/social/