SEC warns of more invest scams; illegal firms bared

The Securities and Exchange Commission (SEC) warned the public to exercise caution when presented with opportunities to invest in businesses or join organizations promising easy money amid the COVID-19 pandemic.

In separate advisories issued on May 5, the Commission identified five more groups engaged in investment-solicitation activities without the necessary licenses: CryptoInvestWith.Us (CIW.U), Won Project/ Won Network/ Won Foundation, Captcha Philippines, Inc., Fil-Invest, and Xtreme House of Beauty Trading Corporation. CIW.U, Won Project, Captcha Philippines, Fil-Invest and Xtreme have neither registered securities such as investment contracts nor secured secondary licenses to solicit and take investments from the public, as required under Republic Act No. 8799, or The Securities Regulation Code.

The SEC said CIW.U, Won Project, Captcha Philippines and Fil-Invest are not registered corporations or partnerships.

“Xtreme claims to be registered as a corporation, but a certificate of incorporation does not constitute a license to solicit and accept investments from the public. Yet, CIW.U, Won Project, Captcha Philippines, Fil-Invest and Xtreme have enticed the public to participate in schemes involving the sale or offering of investment contracts and other securities,” SEC said in a statement.

CIW.U reportedly guarantees a 1% return after six days and up to 20% return per week on investors’ bitcoin deposits. Based on information gathered by the Commission, CIW.U is the new name of MAGINVESTKA.ONLINE (MIKO), the subject of a similar advisory issued by the SEC earlier.

Won Project likewise touts investments in a cryptocurrency called WONCOIN, promising a daily profit of 1.5% for a period of 100 days on investment packages worth $100 to $20,000.

It also promises commissions from the purchases of referrals and points convertible into cash and incentives such as cars and international travels.