March 2, 2024

The Securities and Exchange Commission has advised the public against dealing with the some entities due to their unauthorized solicitation of investments without the necessary license from the Commission.

These are Valero Energy Corporation Philippines, Infinity8networks Digital Services Opc, Trade City-Malla, Arcane Digital Marketing, Mitrade, Octafx /Octa Trading, Binance, and Kito-Kiko Variety Shop/Kito-Kiko Incorp.

Said groups do not have permits from the SEC to solicit investments from the public.

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, according to the SEC.

The Commission remains unwavering in its efforts to stamp out illegal investment-taking activities through financial literacy campaigns and advisories to the public.

Visit the SEC website at www.sec.gov.ph to learn more about the Commission’s enforcement actions and investor education campaign. – Press release