SEC Davao warns public on several illegal investment firms
DAVAO CITY (PIA) – The Securities and Exchange Commission Davao Extension Office has bared the list of several illegal investment schemes and is warning the public not to patronize these firms.
These investment schemes are; E-COMMERCE, HOUSE OF ENTREPRENEURS INC. (HOE), BITCOIN REVOLUTION, BITRADE/BITRADE BITCOIN TRADING LTD./BITRADE LIMITED PH, PRESIDENT: RODRIGO DUTERTE CHARITY FOUNDATION.
There are illegal investment schemes which prey upon the unwitting public amidst the Corona Virus Disease 2019 (COVID-19) crisis.
HOE entices the public to invest in a minimum capital of P5,000 which promises high returns of investments, the packages are divided into gold, silver and bronze packages.
The HOE is not authorized to solicit such investments as it has no registration and license to sell securities to the public.
The President: Rodrigo Duterte Charity Foundation with Bangko Sentral ng Pilipinas “Handong Pangkabuhayan” uses a so-called electronic raffle where recipient are enticed to text their name, age, address, work and call the sender who introduces himself as a lawyer connected with the Bangko Sentral ng Pilipinas. To give a semblance of authority a government approval number such as supposedly coming from Department of Trade and Industry is quoted in the text message.
The foundation is not registered as a corporation and the electronic raffle is a fake.
In Bitcoin Revolution, the public are enticed to invest a minimum of $250 which can earn $1,000 or 300% per day or 9,000% per month. It uses fake celebrity endorsements to fool the unwitting public.
The Bitcoin Revolution asserts that its software enables anyone to trade bitcoin and other cryptocurrencies easily with a success rate of 88 to 90% per transaction making traders to become millionaires within 61 days.
The scheme of Bitcoin Revolution is relative to the sale and offering of securities and it is not authorized by the SEC to conduct such kind of transactions and is not also registered.
Bitrade/Bitrade Bitcoin Trading Ltd/ Bitrade Limited PH lures persons to register in their website https://dailypassive.com/panel/register, choose your package and receive passive income by typing the captchas everyday. They are also entitled to daily referral bonus where the recruiter is entitled to 10% commission of his new recruit’s availed package and 10% of his new recruit’s upgrade and/ or renewal of package. They are also entitled to Pass Up bonus which is 50% of hi new recruit in captcha typing.
The company is not registered with the SEC and is not authorized to solicit investments from the public.
The SEC has reminded the public on the tell-tale signs of these illegal schemes which includes the need to recruit members and promises of high returns in such a short period of time.
The public is urged to report these investment schemes to the SEC Enforcement and Investment Protection Division at telephone number (02) 8818-6047 or email at email@example.com for text message raffles of the President: Rodrigo Duterte Charity Foundation you can report it to the National Telecommunications Commission or the National Bureau of Investigation. (PIA RG Alama with reports from SEC Davao Extension Office)