yexel mikee scam: reviews, analysis and complaints

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Introduction

In late 2023, toy collector Yexel Sebastian and his partner Mikee Agustin came under fire after multiple investors accused the couple of being involved in a ₱200 million investment scam. Sebastian and Agustin are alleged to have lured over 100 individuals into investing in their company, Salex Group, by promising high monthly returns between 3-5%. However, payments abruptly stopped in late 2021 despite the victims’ inquiries. This blog post will examine the details of the accusations against Sebastian and Agustin, their response to the allegations, and tips to avoid becoming a victim of investment fraud.

Details of the Alleged Scam

According to reports, Sebastian and Agustin solicited investments in Salex Group starting in 2020. They targeted individuals through personalized pitches and social media, promising generous interest rates with a minimum investment of ₱1 million or ₱200,000. For over a year, victims received payouts as agreed and subsequently invested more, gaining the trust of Sebastian and Agustin. However, in late 2021 the payments mysteriously ceased despite the victims’ repeated attempts to contact the couple. It’s estimated Sebastian and Agustin scammed investors out of at least ₱200 million total before their reported flight to Japan in October 2023 amid the accusations and investigation.

Sebastian and Agustin’s Response

When the allegations emerged, Sebastian denied any wrongdoing in an interview with Senator Raffy Tulfo who hosts a TV program addressing public complaints and issues. However, Sebastian’s claim of also being a victim of the alleged scam was met with skepticism, particularly since he and Agustin promptly fled the country once the investigation began. Authorities like the Securities and Exchange Commission have since revoked any investment licenses tied to Sebastian and are working to pursue legal actions like fraud charges. Despite insisting the Salex Group business deals were legitimate, his abrupt departure raised many red flags about his credibility and potential involvement.

Signs of an Investment Scam

There are several tell-tale signs consumers can watch out for to avoid falling prey to fraudulent investment opportunities:

• Promises of unrealistic or unsustainably high returns much greater than market norms
• Pressure tactics to invest very quickly without thorough due diligence
• Little or no track record or documentation of past successful trades/deals
• Evasiveness in providing official registration, license, or financial records
• Unfamiliar or complex products that are difficult for the average person to understand
• Unwillingness to discuss potential risks or provide literature explaining the investment strategy
• Using relationships or social ties to elicit trust before profiting through a “ponzi scheme” setup

Learning to spot these red flags and properly vet any individuals or companies requesting funds is key to circumventing scams. Diligent research and remaining skeptical can protect hard-earned savings.

How to Research Investment Opportunities

To safely explore potential investments without falling victim to opportunistic fraudsters, consumers should take the following precautions:

• Check credentials – Verify licenses and registrations with regulatory bodies like the Securities and Exchange Commission.

• Review complaints – Search online for any lawsuits, sanctions, or customer complaints filed against individuals, companies, or products.

• Verify claims independently – Don’t rely solely on provided promotional materials; research returns and strategies using third-party sources.

• Consult professionals – Run opportunities by registered financial advisors well-versed in compliance and due diligence.

• Beware fabricated credentials – Double check any awards, partnerships, or previous roles that cannot be validated through official records.

• Limit risk exposure – Follow the 3-5-10 rule of diversifying fewer eggs in multiple baskets according to personal risk tolerance.

Being an informed investor takes diligence, but the preventative work saves from heartache and financial ruin down the road. With prudent research habits scams can largely be avoided.