Ilagan officials warn vs high-yield ‘scam’

A public school head teacher in Isabela has filed for early retirement following allegations of her involvement in an unauthorized investment scheme, the Department of Education (DepEd) Region II announced Friday.

Jovy Alicaycay Arzaga, a head teacher at Sto. Tomas Elementary School, submitted her letter of intent to retire 5 February. The move comes as the Securities and Exchange Commission (SEC) and the Ilagan City government investigate the Fidelity Capital Investment Group (FCIG), an entity authorities say is operating illegally.

“The general public is being warned that any transactions made, entered into, and offered by Jovy Alicaycay Arzaga on behalf of the Schools Division Office of the City of Ilagan is not sanctioned and authorized,” wrote Eduardo Escorpiso Jr., schools division superintendent.

The SEC recently issued an advisory stating that FCIG is not authorized to solicit investments from the public. According to the commission, the group entices investors with a "trading project" promising high-yield passive income. The scheme requires a minimum investment of $500 into a platform called YEPBIT, with promises of payouts twice daily.

It cited that these activities violate several sections of the Securities Regulation Code and the Financial Products and Services Consumer Protection Act.

During a privilege speech, Ilagan City Councilor Rolly Tugade said the local government launched an investigation to protect constituents from financial harm. He alleged that Arzaga was involved in recruiting members and had personally attacked city officials who shared the SEC advisory on social media.

"Teachers are expected to be models of decorum and fairness," Tugade said. "When a public school head teacher engages in personal attacks against an elected official, it raises serious concerns about professional conduct."

Meantime, Councilor Gaylor Malunay cited that while some residents claimed to be receiving returns on their money, the local government had to act immediately following the SEC warning.

"Even our mayor does not want a fellow Ilagueño to be put at risk," Malunay said. "We are warning our local folks in anticipation of worse things that might happen."

DepEd Region II confirmed that with her retirement, Arzaga is no longer connected to the Schools Division Office of the City of Ilagan.