The Securities and Exchange Commission has issued another advisory informing the public that Platinum Coin/Platinum Coin Pawnshop is not authorized to solicit investments from the public.
Based on the reports and information gathered by the Commission, individuals or group of persons claiming to represent Platinum Coin with Department of Trade and Industry Certificate of Business name Platinumcoin Pawnshop in favor of one Jessieboy Momoy Decenan, are soliciting investments from the public.
As posted online, Platinum Coin/Platinumcoin Pawnshop, is offering investments to the public for a minimal amount of P1,000 up to P650,000. Investors can earn 15 percent up to 50 percent after 30 days. Investors can earn one time five percent outright commission. If an investor applies as an official team leader, he/she can earn a passive income of 2.5 percent monthly, cash gift worth P10,000 up to P70,000 and P500 worth of load weekly. The investor can also earn 20 percent yearly bonus.
Platinum Coin/Platinumcoin Pawnshop is also engaged in unauthorized online lending business/activities without a corresponding certificate of authority to operate as a lending company from the Commission pursuant to the Lending Company Regulation Act.
The Securities Regulation Code (SRC) requires that offer and/or sale of securities must be registered with the Commission and that the concerned entity and/or its agents should have the license to sell such securities to the public.
Based on the Commission’s database, Platinum Coin/Platinumcoin Pawnshop, is not registered as a corporation or partnership and operates without the necessary license and/or authority to solicit, accept or take investments/placements from the public nor to issue investment contracts and other forms of securities.
The SEC said the scheme employed by Platinum Coin/Platinumcoin Pawnshop has the characteristics of a “Ponzi scheme” where money from new investors are used in paying “fake profits” to prior investors and is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent members in case of scarcity of new investors.
The offering and selling of securities in the form of investment contracts using the “Ponzi Scheme” which is fraudulent and unsustainable, is not a registrable security. The SEC said those who act as salesmen, brokers, dealers, agents, representatives, solicitors, operators, promoters, uplines, recruiters, influencers, endor- sers, abetters, and enablers of Platinum Coin/Platinumcoin Pawnshop vis-à-vis Jessieboy Momoy Decenan, in selling or convincing people to invest in the investment scheme being offered by the said entity including soli-citing investments or recruiting investors through the Internet may be held criminally liable under Section 28 of the SRC and penalized with a maximum fine of P5 million or imprisonment of 21 years or both pursuant to Section 73 of the SRC. – Press release
April 27, 2024
