THE Securities and Exchange Commission (SEC) warned the public against three entities, which it found to be soliciting investments without the proper registration.
In three separate advisories posted on its website, the SEC flagged Innov8wealth Global, Double R Aggregates, and Ayala Corp. Group, Inc. as they do not have the necessary licenses to solicit investments.
The corporate regulator said Innov8wealth Global is an entity supposedly engaged in the trading of cryptocurrency, color games, betting, and artificial intelligence-prediction bots. Investors are enticed to invest P100 to P500,000 with a promise to earn interest ranging from 10.88% to 28.56% per week depending on the investment.
Interested investors are told to register via the entity’s website while investments are to be deposited through electronic payment platforms.
In a separate advisory, the SEC said Double R Aggregates/Double R Trucking and Aggregates OPC are soliciting investments from the public via social media. The entity is allegedly involved in the quarrying business.
It reportedly promises a monthly profit ranging from 7.5% to 15% depending on the investment made by an individual.
“The investment opportunity being offered by Double R Aggregates/Double R Trucking and Aggregates OPC is a form of securities as the elements of investment contract are present in its investment offering,” the SEC said.
Meanwhile, the SEC said in a separate advisory that Ayala Corp. Group, Inc./Ayala Corp. Budgetarian Online Shop/Global Online Ayala Corp./Bellavita Ayala Corp./Ayala Corp. e-commerce are offering investments with a promise of high return.
The entities are offering part-time jobs for those placing orders online for a promise of receiving a commission, which could only be withdrawn upon payment of a supposed tax charge under a tasking and recharging scheme.
According to the SEC, the entities are not related to the publicly listed holding firm Ayala Corp.
The regulator said the tasking and recharging scheme shows an indication of a possible Ponzi scheme where money from new investors is used in paying fake profits to prior investors.
It said the scheme is designed to favor top recruiters and prior risk-takers, but detrimental to subsequent members in case of scarcity of new investors. — Revin Mikhael D. Ochave