When I blogged about the Performance Investments Products Corp scam, I mentioned that its founder, Michael Liew, is also linked to another company with a same sounding name, Performance Foreign Exchange Corp (PFEC). The NBI found the connection when it checked the SEC papers of PFEC. Michael Liew is a director of PFEC.

The SEC papers of PFEC states that PFEC shall operate as a research firm and not as an investment house. The NBI secured a search warrant and carted off computers, logbooks, and contracts to determine if PFEC is involved in any wrong doings.  

PFEC has been agressively encouranging investors to invest in its online foreign exchange trading business. Let’s hope that investors will be able to recover their money from another scam in the making.