The Philippine Securities and Exchange commission has issued a warning that a fraudulent company named Clear Channel Outdoor Asia Corp is attempting to solicit investments even though it is not related to or affiliated with Clear Channel Outdoor Holdings, the public US based out of home company. The real Clear Channel is claiming that the fraudulent Clear Channel has misappropriated its name and trademark without authority. The Philippines regulator is threatening fines and up to 21 year prison terms for the individuals involved.
Billboard Insider’s Take: A key tipoff of fraud is that the returns sound too good to be true. The fraudulent company is promising returns of 3-50% a day.
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