The Securities and Exchange Commission flagged 11 unauthorized and dubious investment companies resembling a pyramid/ponzi scheme.
In a notice, the SEC advised the public against dealing with the following entities due to their unauthorized solicitation of investments without the necessary license from the commission: PPG Investment Group/Conamor Shop; Livewell Multi-Ventures; Blackrock; Perfx Solution Corporation/Trading Basket/Trading Philippines; Flipkart/Flipkart Platform/Flipkart Company; Webmining; Oyala; Bkc Trading; Winvest; Mazama; And, Meta Trade.
“These groups have been enticing the public to either register on their website/mobile application or engage in trading with promised lucrative returns on investments,” the SEC said.
SEC explained these groups have been found to be engaging in unauthorized investment-taking activities by either borrowing capital from investors, using said capital to allegedly buy products, then selling said products to consumers, and finally giving back the profits to the investors; promising investors fixed earnings or posing as legitimate investment websites and mobile applications; sending emails, fax, or letters to the victims and requiring them to pay an “advance fee” before receiving a significant share of a large sum of money; or posing as legitimate and reputable financial institutions.
“Such 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,” SEC said, adding it remains unwavering in its efforts to stamp out illegal investment-taking activities through financial literacy campaigns and advisories to the public.
To verify authorized investment companies, visit the SEC website at www.sec.gov.ph. – Jessa Mardy P. Samidan
April 26, 2024
