The Securities and Exchange Commission (SEC) has issued another set of advisories against several entities soliciting investments from the public without the necessary licenses:
1. iWATCH.PH Corporation (iWATCH.PH)
2. Learn and Earn Online, 247 Crytotrading FX, 247 Cryptotrade Online, Exchange Stock, Binary Options Trading and Wolves Options
3. Wonkacash/Wonka Cash App Financial Consultancy Services
4. IX Trade/IXTrade
5. Beyond Generations Digital Marketing Services
iWATCH.PH Corporation (iWATCH.PH), headed by Jerome Operio, Reiner Cadiz and Joseph Regalario are allegedly enticing the public to invest in the said entity online or through the internet.
A prospective investor is enticed to pay an amount of P2,188.00 to become a member and can enjoy different ways to earn as an iWatcher.
iWATCH.PH operates under a pyramid scheme, which involves securities because for payment of a sum of money, often nominal, the investor participates in a recruitment scheme that promises a stream of profits. The scheme that requires recruitment in a two-pronged structure takes the form of a pyramid, one that grows wider at the bottom, and thrives with the supply of new recruits to the scheme. Here, the recruitment fees collected from new recruits are used to pay the recruiting commissions to earlier recruits.
Align Assets, on the other hand, claims to be a decentralized trading platform based in the United Kingdom which claims to have no identity, individual, or group that is handling the company. A so called bot is claimed to be the one to do the trading.
Align Assets does not appear among the registered banks, exchanges or companies engaged in digital assets with the Bangko Sentral ng Pilipinas (BSP) in accordance with the Guidelines for Virtual Currency Exchanges (BSP Circular No. 944) which requires all entities engaged in Virtual Currencies in the Philippines to obtain a Certificate of Registration to operate as remittance and transfer company pursuant to the BSP rules and regulations.
Align Assets is also not registered either as a crowdfunding intermediary or funding portal under SEC Memorandum Circular No. 14, Series of 2019 or the Rules and Regulations Governing Crowdfunding.
Learn and Earn Online operates from Kenya and appears to be acting as trading broker for 247 Cryptotrading FX, 247 Cryptotrade Online, Exchange Stock, Binary Options Trading and Wolves Options, which are said to be based in United Kingdom, through the assistance of its representatives using apparent synthetic or fraudulent identities, namely: Confidence Friday, Idong Umoren, Dima Viad Sasha, ITZ Smart Livinus, Lawrence Patricia, and Lawan Muhamad MLS, among others.
Learn and Earn Online is offering free seminars and tutorials on how to invest in cryptocurrencies and foreign exchange online. As part of its scheme, Learn and Earn Online will also lure the public to invest in 247 Crytotrading FX, 247 Cryptotrade Online, Exchange Stock, Binary Options Trading and Wolves Options with the promise of lucrative returns with little or no risk.
These entities are using cookie-cutter (same uniform style) interface for their websites and are offering too good to be true investment opportunities ranging from 18% to 1000% income per week. These are possible indications of a “Ponzi Scheme” where returns to early investors are paid out from the investment of new investors and not from company profits.
Wonkacash/Wonka Cash App Financial Consultancy Services, which is being operated through a person or persons using the pseudonym “Luisito Taruc,” is enticing the public to invest in the said entity with a promise of One Hundred Percent (100%) return or double-your-money in just 12 days. The investor can invest a minimum amount of P500 Starter Package or up to P200,000.00 for max level. An investor can also earn from direct referral ranging from 50% direct referral, and 10% bonus up to the 10th level.
The SEC has also received information that individuals or group of persons representing IX Trade/IXTrade with website, http://www.ixtrade.net and through Facebook pages, “IXTrade Legitimate”, “Ixtrade.net”, “IXTrade -Team Panalo” and “Ingrid Arche” are engaged in unathorized investment-taking activities.
IX Trade/IXTrade guarantees that for money invested ranging from P500-P20,000, investors shall earn 150% after 12 days with a referral bonus of 20%. Allegedly, the earnings shall be generated from trading in the forex and cryptocurrency markets.
Beyond Generations Digital Marketing Services, headed by Ivan Jao Robles, is offering investments to the public with a minimum amount worth Php1,000.00 per account. A member will earn 10% daily for 20 business days or 200% return and has the option to earn more through the following: generation rewards, mirror rewards, sponsorship rewards, matching rewards and/or unilevel rewards.
The public cautioned when dealing with individuals or groups soliciting investments for and on their behalf.
Those who act as salesmen, brokers, dealers or agents in selling, convincing or recruiting people to invest in illegal schemes may be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code (SRC) and penalized with a maximum fine of five million pesos (P5,000,000.00) or a penalty of twenty-one (21) years of imprisonment or both.
The names of all those involved will be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed. (with reports from SEC/ PIA RG Alama)
