The Securities and Exchange Commission issued a notice to the public that Oriental Peak Mining and individuals offering investments under its name are not authorized to solicit investments from the public.
The SEC has noticed that individuals or group of persons, particularly Ranillo Paz (representing himself as the president of the said entity), is soliciting from the public to invest in Oriental Peak Mining, an unregistered entity purportedly engaged in nickel mining operations.
The entity entices the public to invest online by paying an amount ranging from P500 to P1 million with a guaranteed daily profit of five percent for 60 days or for a total earning of 300 percent in just 60 days. Such offer was subsequently modified to a daily profit of five percent for 45 days or for a total of 225 percent in just 45 days.
At present, Paz now offers a 15-day payout where monies invested will double in just 15 days.
In the initial assessment of the activities of Oriental Peak Mining, it appears that it is engaged in fraudulent transactions and in the solicitation, offering, and/or selling of unregistered securities from the public in the form of investment contract without license in violation of sections 8, 12 and 28 of the Securities Regulation Code (SRC).
The SEC warns all unscrupulous individuals and/or entities that strict penalties are imposed for violations of the Securities Regulation Code, the Revised Corporation Code of the Philippines and such other laws, rules and regulations enforced by the SEC.
The SEC said those who act as salesmen, brokers, dealers or agents of Oriental Peak Mining vis-à-vis Panillo Paz in selling or convincing people to invest in what appears to be an investment scheme being offered by said entity including solicitations and recruitment through the Internet may be prosecuted and held criminally liable under Section 28 of the SRC and penalized with a maximum fine of P5M or penalty of 21 years imprisonment or both.
The SEC advised the public not to invest or stop investing in any investment scheme being offered by Oriental Peak Mining vis-à-vis Ranillo Paz as well as in any other entities having the same or similar schemes and to exercise caution in dealing with any individuals or group of persons soliciting investments or recruiting investors for and on behalf of the company or Paz.
Should there be any information regarding any investment solicitation, a report may be sent to the Enforcement and Investor Protection Department at [email protected]. – Press release
