Here’s a practical, Philippine-specific legal guide to investment scam complaints—what counts as a scam, which laws apply, where to file, what evidence you need, and how to maximize your chances of getting money back. It’s written for victims, in-house teams, and counsel. (Standard disclaimer: this is general information, not legal advice.)

What is an “investment scam” under Philippine law?

In practice, an “investment scam” is any scheme where a person or group solicits money from the public with promises of returns, when (a) the offering/sales activity itself is unlawful, or (b) the representations are false or misleading, or (c) the operators misappropriate funds. Common patterns:

Ponzi/pyramid disguised as “profit sharing,” “staking,” or “member get member.”
Unregistered investment contracts (crypto, forex, “trading bots,” real estate/agribusiness pools) sold to the public without SEC registration.
Misappropriation by someone entrusted with funds (e.g., pooled trading account).
Deceitful claims (guaranteed returns, fake licenses/permits, doctored statements).

Core legal bases (what you can charge or invoke)

Criminal

Estafa (Revised Penal Code, Art. 315, as amended by R.A. 10951): deceit or abuse of confidence causing damage (e.g., false promises of returns; conversion of pooled funds).
B.P. Blg. 22 (Bounced Checks Law): separate offense if bad checks were issued to induce or “pay” investments.
Cybercrime Prevention Act (R.A. 10175): if the fraud used a computer system or online platform; can raise penalties and expand venue.
Anti-Money Laundering Act (R.A. 9160, as amended): authorities can seek freeze/forfeiture of proceeds and related accounts.

Regulatory / Administrative

Securities Regulation Code (R.A. 8799):
- Section 8/28: sale/offer of unregistered securities or by unlicensed brokers/dealers.
- Section 26: fraud in securities transactions (manipulation/deceit).
- The SEC may issue Advisories, Cease-and-Desist Orders (CDOs), and pursue administrative and criminal actions.
Financial Products & Services Consumer Protection Act (R.A. 11765): abusive practices by financial service providers; empowers the BSP, SEC, IC, and CDA to sanction and order restitution for covered entities.
Consumer Act (R.A. 7394): false/misleading advertising or sales practices (subsidiary route when applicable).

Civil

Rescission/annulment of contracts, damages (actual, moral, exemplary), unjust enrichment, constructive trust, and injunction.
Separate civil action or one deemed instituted with the criminal case (unless expressly waived).

Who regulates what (choose your forum wisely)

SEC – Enforcement and Investor Protection Department (EIPD): unregistered securities, investment contracts, Ponzi/pyramids, crypto/forex offerings to the public, unlicensed solicitation.
BSP: banks, e-money issuers, remittance/virtual asset service providers under its perimeter.
Insurance Commission (IC): investment-linked insurance; pre-need plans.
Cooperative Development Authority (CDA): cooperatives taking in “investments” from members/public.
PNP Anti-Cybercrime Group (ACG) / NBI-Cybercrime Division: online scams; evidence preservation and criminal build-up.
DOJ (National Prosecution Service) and courts: preliminary investigation and trial.

Tip: You can (and often should) pursue parallel tracks—SEC enforcement (to stop the scheme), criminal (for accountability), and civil (for asset recovery).

Elements you’ll likely rely on

Estafa by deceit (Art. 315(2)(a)):

Accused made false pretenses/representations prior to or simultaneous with the investment;
Victim relied and parted with money;
Damage resulted.

Estafa by misappropriation/conversion (Art. 315(1)(b)):

Money/property was received in trust, on commission, or for administration;
Accused misappropriated/converted it to own use;
Demand was made (not always essential but very helpful);
Damage resulted.

Securities law violations (SRC):

Unregistered securities offered/sold to the public;
Unlicensed seller/agent;
Fraudulent or manipulative devices (false guarantees, concealment of risks or of insolvency, fabricated track records).

Penalties (high-level)

Estafa: penalties scale with the amount defrauded (thresholds were increased by R.A. 10951). Courts may also award interest and damages.
B.P. 22: imprisonment and/or fine per check.
SRC violations: fines (which can be substantial), imprisonment, and disgorgement/restitution via SEC actions.
Cybercrime qualifier: may raise penalties and affect venue.

Because exact penalty thresholds are technical and periodically amended, counsel should compute them precisely against the current text of R.A. 10951 and other applicable issuances.

Where to file (venues & jurisdiction)

Criminal complaint: with the City/Provincial Prosecutor where any element occurred (e.g., investment was solicited, money was handed over/deposited, deceitful posts were accessed), or under cybercrime rules, where the complainant resides or where the computer system is accessed.
SEC EIPD complaint: SEC Main or Extension Office; for urgent cases, seek a CDO and asset-preservation measures.
Civil action: RTC with jurisdiction over the amount/relief; consider injunction and preliminary attachment if you can show fraud and risk of dissipation.

Evidence (build this file before you file)

Promos & promises: screenshots, brochures, social posts, Viber/Telegram/FB chats, livestream clips.
Identity & links: names, aliases, phone numbers, pages, domains, wallet addresses, and how they connect (org chart/chat admin roles).
Money trail: deposit slips, fund transfer confirmations (bank, e-wallet), blockchain tx hashes, receipts, acknowledgments, Excel ledgers.
Reliance & damage: your timeline, amounts invested/returned, interest/“dividends,” cut-off dates, default.
Demands: emails/letters demanding return (with proof of sending).
Others: referrals (who recruited you), investor lists (if available), copies of IDs/permits they showed you.

Preserve originals. Keep digital files with hashes or export metadata where possible; don’t edit screenshots.

Step-by-step: filing a Philippine investment scam complaint

A) Fast “stop the bleeding” track

Report to SEC EIPD: submit a sworn complaint with annexes; request a Cease-and-Desist Order and public Advisory.
Law enforcement intake: file a complaint with PNP-ACG or NBI-CCD for cyber evidence preservation and case build-up.
Bank/e-wallet actions: write the receiving bank/e-wallet’s Fraud/Dispute unit with transaction details and a copy of your complaint; request temporary hold/KYC information via law enforcement (banks usually act on official requests).
AMLC route: coordinate through investigators/prosecutors to seek freeze orders over identified accounts/wallets.

B) Criminal case through the prosecutor

Prepare a Complaint-Affidavit + Annexes + Affidavits of witnesses + IDs.
File with the City/Provincial Prosecutor (or via e-mail/e-filing where available).
Attend preliminary investigation: submit reply and attend clarificatory hearings if set.
If probable cause is found, an Information is filed in court; warrants may issue; arraignment, pre-trial, trial follow.
Civil action is, by default, deemed instituted with the criminal case unless you reserve the right to file separately.

C) Civil recovery

File rescission/damages and apply for preliminary attachment/injunction to immobilize assets.
Consider class/collective strategies (co-plaintiffs) for efficiency and leverage.

Special contexts

Crypto/forex/“trading bots”

Often qualify as investment contracts (a type of “security”). Selling to the public requires SEC registration and licensing of agents. Use on-chain evidence (TX hashes, wallet clustering) and exchange KYC/withdrawal records via lawful requests.

Pooled funds & entrusted accounts

Estafa by misappropriation fits when funds were handed over “in trust” (e.g., managed trading). A written mandate helps; absent that, show the nature of entrustment via chats/receipts and demand.

Checks

If checks were issued as “profit” or refund and bounced, file B.P. 22 concurrently (procedurally simpler; can pressure settlement).

Cooperatives/Community “investment”

Verify the CDA registration and whether the activity exceeded what the coop can lawfully do; hybrid complaints may involve CDA + SEC + Estafa.

Online solicitation

Cybercrime rules broaden venue, enhance penalties, and make digital evidence and platform cooperation central.

Practical strategies that move the needle

Group complaints (multiple victims) amplify credibility, amounts, and recovery odds.
Early asset tracing (banks/e-wallets/exchanges) is key—name specific accounts in pleadings.
Attachment & injunction: ask for them at the outset of civil actions to prevent dissipation.
Parallelism: SEC action for speed/public warning; criminal for accountability; civil for recovery.
Settlement levers: B.P. 22 cases and visible asset-freezing efforts often spur restitution.
Media caution: public posts can help surface more victims but avoid libel; let the SEC Advisory/CDO do the heavy lifting for public warnings.

Defenses you’ll hear (and how they’re addressed)

“It’s not a security.” → Show Howey-type elements of an investment contract (money invested; common enterprise; expectation of profit; profits primarily from efforts of others).
“Investor knew the risk.” → Deceit and unlawful solicitation vitiate consent; ROI guarantees are classic red flags.
“No entrustment.” → Prove trust relationship via chats/receipts; add the demand letter and non-return.
“Purely civil.” → Pattern of public solicitation, fake licenses, and misrepresentations supports criminal intent and SRC counts.

Timelines & costs (realistic expectations)

SEC can move quickly on Advisories/CDOs, but asset recovery still requires cooperation and/or civil/criminal cases.
Criminal cases (estafa/SRC) can be lengthy; pre-trial settlements sometimes occur when assets are frozen or B.P. 22 pressure exists.
Filing fees: Criminal complaints generally no filing fee; civil actions have filing and sheriff’s fees tied to claim value.

Templates (you can adapt these)

A. Demand Letter (short-form)

Date

Name / Address

Re: Demand to Return Investment

We invested ₱[amount] on [dates] based on your representations promising [returns]. Despite maturity on [date], you failed to return principal/earnings. Demand is hereby made for full payment of ₱[total] within five (5) days from receipt, otherwise we shall file criminal (estafa/B.P. 22), regulatory (SEC), and civil actions, including applications for attachment and injunction.

Very truly yours, [Name / Counsel]

B. Complaint-Affidavit (skeleton)

Affiant’s identity & capacity
Respondents (names/aliases/positions/pages)
Facts (chronology: solicitations → payments → promised returns → default)
False pretenses / entrustment and reliance
Damage amounts (attach schedule/ledger)
Offenses (Estafa; SRC Secs. 8/26/28; B.P. 22; Cybercrime qualifier)
Prayer (filing of Information; issuance of warrants; hold-departure; restitution)
Annexes (proof of payments, chats, IDs, posts, checks, investor list)
Jurat (sworn before prosecutor/notary)

Red flags (to educate courts and clients)

“Guaranteed 10–30% monthly,” “risk-free,” “compounded daily.”
Heavy emphasis on recruitment bonuses; more pay for bringing in people than for real business.
Unlicensed “traders/agents” and reliance on celebrity/influencer endorsements.
Complex, unverifiable strategies (arbitrage bots, secret algos) + refusal to provide audited financials.
Pressure tactics: “promo slots,” countdowns, and threats to block critics.

Checklist (use before filing)

Master timeline and money trail in one spreadsheet.
All screenshots exported (with URLs/timestamps where possible).
Transaction proofs (bank/e-wallet/chain) compiled and labeled.
Demand letter sent (retain proof).
Identify accounts/wallets to target for freeze/attachment.
Decide parallel filing plan: SEC + Prosecutor + Civil.
Line up co-complainants and witnesses.
Prepare for venue and cybercrime angles.

FAQs

Can I get my money back through a criminal case alone? Possibly, via restitution ordered by the court or through settlement; but civil and asset-freezing steps dramatically improve recovery odds.

Do I need a demand letter for estafa? Not always, but it’s a strong evidence of non-return and good faith on your part (critical for misappropriation cases).

Is crypto covered by the SRC? If structured as an investment contract or other “security,” yes. The label “token” doesn’t control; substance does.

Should I join a group chat of victims? Yes—for coordination and evidence-sharing—but avoid defamatory posts; let filings and official advisories speak.

If you want, tell me your specific facts (who solicited, what was promised, how much, proof you have, where you sent funds). I can draft a custom complaint-affidavit and a targeted evidence index you can file with the SEC and the prosecutor.