TACLOBAN CITY – The Securities and Exchange Commission (SEC) has issued an advisory reminding the public not to deal with entities that have no necessary license issued by their office.
SEC, in an advisory, said that the five entities were cited due to their unauthorized solicitation of investments without the necessary license from them.
Some of these groups’ investment schemes or actions resemble a pyramid/Ponzi scheme where investors earn through recruitment fees instead of the sale of actual products/services, and investors are paid using the contribution of new members,” the SEC said on its advisory issued on Thursday (Sept.14).
“The Commission remains unwavering in its efforts to stamp out illegal investment-taking activities through financial literacy campaigns and advisories to the public. You may visit the SEC website at www.sec.gov.ph to learn more about the Commission’s enforcement actions and investor education campaign,” it added.
The SEC further said that those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, uplines, influencers, endorsers, abetters and enablers in soliciting or convincing people to invest in the investment scheme being offered by the said entity including soliciting investments or recruiting investors through the internet may be held criminally liable under Section 11 of the Financial Products and Services Consumer Protection Act (FCPA) and Section 28 of the SRC and both penalized separately with a maximum fine of P5 million or imprisonment of 21 years or both.
These entities are Dermacare-Beyond Skin Care Solutions/Beyong Skincare Solution that entices the public to invest in its business scheme through a “Franchise Partner Agreement” amounting to P250,000 were the prospective investors a guaranteed return of 12.6% quarterly interest for five years, along with other complimentary services.
The Mono Mall, an entity that posts a fake SEC registration certificate online as a means to entice the public to invest in their business schemes and claims that it can help merchants increase their product sales and promote their business online by merely following a certain Tiktok user and completing “tasks”. By completing the said tasks, merchants will be entitled to commissions ranging from 30% to 60%, it claimed.
The Pamper Me Salon and Spa, that offers co-ownership rights and guaranteed earnings to prospective investors who will invest in their alleged business expansion. Accordingly, a prospective investor who invests P50,000 will earn a guaranteed 10% monthly interest, P100, 000 for 25%, and P500, 000 or more for 35%, subject to a six-month lock-in period.
Melon Plus/Primelogix Marketing Inc. that claims to offer tools and systems to prospective affiliates/investors who wish to start an affiliate and drop shipping business, the JBF Goldminer International/Gold De Luck, an entity claims to be a gold mining investment company that offers a guaranteed 10% daily profit for a period of 30 days.
(ROEL T. AMAZONA)