Aman Futures Group

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Aman Futures Group
Privately held
Headquarters Malaysia
Area served
Philippines
Services Multi-level marketing / Pyramid scheme

Aman Futures Group (simply referred as Aman Futures) was an investment and privately held company based in Malaysia with branches in the Philippines.[1] It has also been allegedly engaged in a pyramid scheme. The group was founded by Manuel K. Amalilio, a Filipino of Malaysian descent.

Controversy[edit]

Aman Futures was reported as a pyramid scheme by the National Bureau of Investigation of the Philippines that duped some 15,000 people in Mindanao and the Visayas of P12 billion (US$ 295,000,000 est.).[2] Authorities from the Philippines have set a manhunt for Manuel K. Amalilio, the founder of the company who left the Philippines for Sabah, Malaysia.[3] The "double-your-money" was a phrase being pitched to join the network. NBI has said that there is about 8,000 complaints filed against the company and over 100,000 Filipino families were victimized.[4][5] Irate victims of Aman Futures have ransacked an office rented by the company in Pagadian City.[6]

After the manhunt for the brain behind the scam was launched, two of the company's employees surrendered. Maria Donna Coyme, who is reportedly the chief finance officer of Aman Futures; and Jacob Razuman, one of the firm’s top brokers, are currently being investigated for their role in the scam said the National Bureau of Investigation and the Philippine National Police.[7]

Twenty one Filipino police officers and two fire officers filed syndicated estafa complaint against the company. They said they were promised a return of their investment within eight days and a 50 percent to 80 percent profit for 17 to 20 days.[8]

The Malacañang Palace has assured that the victims of Aman Futures should not take matters of their own, as authorities are doing their work to put to jail those responsible for the pyramid scam that duped thousands in the Visayas and Mindanao area.[9]

Gunmen related to the 14 December 2012 gunshot in Zamboanga City were possible employees from Aman Futures. Investigators said it was possible that the attack may be linked to the Aman Futures that is known to have victimized thousands, including many policemen.[10]

In 2013, the founder of Aman Futures, Manuel K. Amalilio, was caught in Malaysia after pleading guilty to charges of holding false travel documents.[11] He was then supposed to be deported to Manila on Friday, 25 January at estimated time of 19:45 PST to be jailed the NBI siad[12] However, the Malaysian authorities stopped Amalilio's deportation and was sentenced a two-year imprisonment in Malaysia.[13][14][15][16] Some of the members of the Malaysian opposition in the Philippines disagreed in the Malaysian authorities' stopping of Amalilio's deportation during an interview at ANC. They also have questioned the jail sentence handed down to him in Malaysia.[17]

See also[edit]

References[edit]

  1. ^ "Aman Group Philippines Incorporated". Stock Market Investing. Retrieved 22 November 2012. 
  2. ^ Gagalac, Ron. "'Aman Futures cashed out in Malaysia'". ABS-CBN News. Retrieved 22 November 2012. 
  3. ^ Alconaba, Nico; Richel Umel; Nancy C. Carvajal; Christine Avendano (15 November 2012). "Hunt on for pyramid scam brains". The Philippine Daily Inquirer. Retrieved 22 November 2012. 
  4. ^ "NBI: Over 8,000 complaints filed vs. Aman Futures". ABS-CBN News. Retrieved 22 November 2012. 
  5. ^ "100,000 families, victimized by Aman Futures". ABS-CBN News. Retrieved 22 November 2012. 
  6. ^ Gagalac, Ron. "Irate investors ransack Aman Futures office". ABS-CBN News. Retrieved 22 November 2012. 
  7. ^ Jacinto, Al. "2 Aman Futures employees surrender". The Manila Times. Retrieved 22 November 2012. 
  8. ^ Torres, Tetch. "21 cops, 2 fire officers file estafa raps vs Aman Futures". The Philippine Daily Inquirer. Retrieved 22 November 2012. 
  9. ^ Gonzalez, Mia M. "Palace: Authorities working to jail Aman Futures scammers". Business Mirror. Retrieved 22 November 2012. 
  10. ^ Cabato, Jung-Jung. "Gunmen kill policeman in Zambo City; probers considering Aman Futures link". News5. Retrieved 15 December 2012. 
  11. ^ Prostado, Leonard D. "Amalilio Meted Jail Term In Malaysia On Fraud Charges". The Manila Bulletin. Retrieved 10 February 2013. 
  12. ^ Cancel, Fatima Cielo, Jacinto, Al (25 January 2013). "Amalilio arrives in Manila today". The Manila Times. Retrieved 10 February 2013. 
  13. ^ Torres, Tetch (24 January 2013). "Amalilio to arrive in Manila Friday night –NBI". The Philippine Daily Inquirer. Retrieved 10 February 2013. 
  14. ^ "DoJ: Deportation delay due to Malaysian complaints". BusinessWorld. 27 January 2013. Retrieved 10 February 2013. 
  15. ^ Barretto, Nate C. (5 February 2013). "Amalilio Sentenced to 2 Years in Malaysian Jail". The Manila Bulletin. Retrieved 10 February 2013. 
  16. ^ "Amalilio gets 2 years in Malaysian prison". ABS-CBN News. 5 February 2013. Retrieved 10 February 2013. 
  17. ^ "Amalilio should be deported, Malaysian lawmakers say". ABS-CBN News. 8 February 2013. Retrieved 10 February 2013.