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SEC warns vs three 'investment' firms

The Manila Times logo The Manila Times 29/01/2023 Ed Paolo Salting
Securities and Exchange Commission © Provided by The Manila Times Securities and Exchange Commission

THREE companies were recently identified by the Securities and Exchange Commission (SEC) as they have been selling securities without having the proper licenses and registrations.

The SEC stated the firms in question are also employing questionable schemes in order to trick their investors.

Upsys Daily Trading is enticing the public to register first at their website then choose from any of their four investment plans.

"According to the website, Upsys Daily Trading is offering investments to the public with a minimal amount of P500.00 up to P150,000.00. Investors may earn 2 percent up to 4 percent daily or P900.00 up to P540,000.00 after a three month lock-in period, respectively. The investor can earn 50-percent direct referral bonus for 1st level and 1-percent unilevel bonus for 2nd up to 10th level," the SEC elaborated.

Another firm, BitPrime/BitPrime Computer Software Trading/Ariane Estolonio-Bitprime Software OPC, said that it allegedly is a cryptocurrency service in the form of cloud mining which generates income through cloud-mining investments.

"As posted online, the corporation is offering five types of investments to the public ranging from a minimal amount of P500 up to P100,000 per account with earnings as much as 45 percent for 15 days. Furthermore, for team leaders, a 5-percent referral income is given for every successful referral, a weekly allowance of P2,500 for at least 10 active members with group sales of a minimum of P100,000 and royal incentives amounting to 3 percent of the total weekly sales.

ElizabetheStySaveLives introduces itself as a company allegedly engaged in Bitcoin Trading and Binary Options Trade.

"As posted in the Facebook page of Elizabeth Esty, she introduces herself as an investment platform and the CEO (chief executive officer) of the corporation ElizabetheStySaveLives. She explains that she would manage the account and trade for the investors using a remote-controlled software which enables 100 percent on the return of investment and 10 times the invested capital within days," the agency said.

"Through Facebook posts, she would ask interested investors to send her a personal message through Facebook for any inquiries they may have. After sending inquiries on how to invest, she would proceed to offer through personal message different packages with different rates of return depending on the money invested," the SEC continued.

The SEC said that these corporations use schemes that resemble a Ponzi scheme, and that it would not give licenses and registrations to corporations who use this.

"Those who act as representatives for these companies in selling or convincing people to invest in the investment scheme being offered by said entity may be prosecuted and held criminally liable under Section 28 of the SRC and penalized with a maximum fine of P5 million or penalty of 21 years of imprisonment or both."

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