SEC ups drive vs illegal investment schemes
>> Tuesday, January 31, 2023
BAGUIO CITY -- The
Securities and Exchange Commission (SEC) has intensified its campaign against
unauthorized online investment schemes by engaging the local government units
in their information, education and communication initiatives.
The SEC through its extension offices in cities and provinces partnered with LGU information officers through social media in the campaign against fraudulent investment methods mostly done online without SEC license collectively called as “ponzi.”
On Jan. 25, the SEC revoked the Certificate of Authority of Fast Coin Lending Corp. to operate as a lending company for its continuous non-compliance with SEC Memorandum Circular No. 19, Series of 2019 (SEC MC 19) and its non-operation within 120 days from the grant of its CA.
In an order dated January 10, the SEC Corporate Governance and Finance Department (CGFD) found that Fast Coin Lending Corp. failed to comply with the Disclosure Requirements on Advertisements of Financing Companies and Lending Companies and Reporting of Online Lending Platforms. The company was also found to have violated the Implementing Rules and Regulations (IRR) of Republic Act No. 9474, otherwise known as the Lending Company Regulation Act of 2007 (LCRA).
Fast Coin Lending had been operating Cashcow Mobile Application despite failing to submit the required disclosures to the SEC, while also operating two more OLPs, namely Cashguard and Coco Peso, without registering the entities with the Commission, according to the CGFD.
The SEC through its extension offices in cities and provinces partnered with LGU information officers through social media in the campaign against fraudulent investment methods mostly done online without SEC license collectively called as “ponzi.”
On Jan. 25, the SEC revoked the Certificate of Authority of Fast Coin Lending Corp. to operate as a lending company for its continuous non-compliance with SEC Memorandum Circular No. 19, Series of 2019 (SEC MC 19) and its non-operation within 120 days from the grant of its CA.
In an order dated January 10, the SEC Corporate Governance and Finance Department (CGFD) found that Fast Coin Lending Corp. failed to comply with the Disclosure Requirements on Advertisements of Financing Companies and Lending Companies and Reporting of Online Lending Platforms. The company was also found to have violated the Implementing Rules and Regulations (IRR) of Republic Act No. 9474, otherwise known as the Lending Company Regulation Act of 2007 (LCRA).
Fast Coin Lending had been operating Cashcow Mobile Application despite failing to submit the required disclosures to the SEC, while also operating two more OLPs, namely Cashguard and Coco Peso, without registering the entities with the Commission, according to the CGFD.
Earlier on
January 12, the SEC canceled the corporate registration of Silverlion Livestock
Trading Corp. for soliciting investments from the public without the requisite
secondary license from the Commission to offer or sell securities to the
public. According to SEC, Silverlion’s activities constituted serious
misrepresentation as to what it can do, to the great prejudice of or damage to
the general public.
Moreover, SEC
advised the public against dealing with the following online investment
companies for lack of license: Oriental Peak Mining promising investors a
15-day payout where monies invested, ranging from Php500.00 up to
Php1,000,000.00, will double in just 15 days; Lele Gold Farm/Lele Gold
Coin/Gold Farm which is a mobile application that can be downloaded in Google
Playstore, promising investors luxury earnings of as much as Php2,310.00 up to
Php345,600.00 monthly income while playing the said game; Trading Cartel
offering investment schemes with promised returns of as much as 5%-10% monthly
interest; FDMS Business And Marketing Solutions Inc. through its so-called
Affiliate Learning Program, has been found to be offering investment plans with
promised earnings ranging from 30% up to 50% per month.
The SEC in its
advisories warned that these four investment companies “resemble a
pyramid/ponzi scheme.”
In Baguio City, the
public is advised to verify the legitimacy of an investment company by
contacting the SEC Baguio Extension Office at Telephone: (074) 309 – 5804 and
Mobile: 0939-325-3657 / 0997-235-5975.
0 comments:
Post a Comment