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Philippines: SEC warns vs more investment scams
MANILA, Philippines — The Securities and Exchange Commission (SEC) has noticed a continued spike in the proliferation of investment scams amid the coronavirus disease 2019 or COVID-19 pandemic.
In separate advisories issued on May 5, the SEC identified five more groups engaged in investment-solicitation activities without the necessary license.
These are CryptoInvestWith.Us (CIW.U); Won Project/ Won Network/ Won Foundation; Captcha Philippines Inc.; Fil-Invest; and Xtreme House of Beauty Trading Corp.
Last week, the SEC warned the public against investing in several entities also found to be soliciting investments from the public. These are Raisedherbs Zion Marketing, Rising Era Dynasty (RED) Inc., Newmont Philippines, and IElev8 Network and IElev8 Health and Wellness Co.
SEC said those who act as salesmen, brokers, dealers or agents of fraudulent investment schemes may be held criminally liable and penalized with a maximum fine of P5 million or imprisonment of 21 years or both under the Securities Regulation Code.
Those who invite others to join or invest in such ventures may likewise incur criminal liability, or otherwise be sanctioned or penalized accordingly.
Republic Act 11469, or the Bayanihan to Heal as One Act, further penalizes those participating in cyber incidents that make use or take advantage of the COVID-19 pandemic to prey on the public through scams, phishing, fraudulent emails, or other similar acts with two-month imprisonment or a maximum fine of P1 million or both.
The SEC has so far already issued advisories on the unauthorized investment activities of at least 43 individuals and groups since the declaration of a state of public health emergency.
It said CIW.U, Won Project, Captcha Philippines, Fil-Invest and Xtreme have neither registered securities such as investment contracts nor secured secondary licenses to solicit and take investments from the public as required under the Securities Regulation Code.
Yet, these entities have enticed the public to participate in schemes involving the sale or offering of investment contracts and other securities.
Source: https://www.philstar.com/business/2020/05/08/2012469/sec-warns-vs-more-investment-scams