NBI Cebu Arrests Forex Trader for Illegal Investment Solicitation

In Cebu City, an alleged foreign exchange (forex) trader has been accused of conducting an unregulated and fraudulent investment scheme that left victims in financial trouble. On January 15, 2025, officials from the National Bureau of Investigation-Central Visayas (NBI-7) detained Binglenn R. Mortalla, also known as “Bing Trader-fx,” at a coffee shop on Escario Ave.

Mortalla, a 33-year-old inhabitant of Barangay Marigondon, Lapu-Lapu City, found himself in legal difficulties after two people from Barangay Guadalupe, Cebu City, filed charges against him. They said they were duped by his alluring but false promises of quick money.

Promises Too Good to Be True

According to NBI-7 Director Atty. Renan Augustus Oliva, Mortalla reportedly convinced people to spend as low as ₱3,000 with the promise of daily profits of $3 to $5. To sweeten the bargain, he added the opportunity to participate in “XM Trading,” a respected global platform, for an extra $50. However, after collecting their money, Mortalla allegedly blocked his clients on social media, cutting off any communication and rendering them unable to recoup their payments.

Two Years of Fraudulent Operations

Mortalla's scam had been in operation for almost two years, according to further inquiry. He used Facebook and Messenger as his major venues, posting fancy charts and appealing promises to entice naive investors. While he relied on the reliability of reputable trading organizations, authorities discovered that Mortalla was not allowed by the Securities and Exchange Commission (SEC) to solicit investments.

This absence of adequate authorization violates the Securities Regulation Code, Sections 8 and 26 of Republic Act 8799. Mortalla is also facing accusations under the Revised Penal Code for swindling and the Cybercrime Prevention Act of 2012 for allegedly carrying out his scam using internet platforms.

Atty. Oliva Warns the Public

At a news conference, Atty. Oliva warned the public to exercise caution when presented with investment offers, particularly those promising exceptionally large returns. “Verify any investment opportunities with the SEC or our office to ensure they are legitimate,” says Oliva. He underlined the NBI's commitment to safeguarding citizens from financial fraud and urged victims to report such incidents as soon as possible.

While in NBI detention, Mortalla refuted all claims, saying, “Dili na tinuod tanan” (None of it is true). Despite his denials, the NBI has gathered substantial evidence against him, including screenshots of his social media posts and testimony from his claimed victims.

Final Thought

This instance is a strong lesson to be alert and skeptical when considering investment options. The promise of rapid riches can frequently cloud judgment, but proper study and verification are essential to avoiding fraud. As authorities step up their efforts to prevent fraud, the people must also play a role in being educated and careful.