MANILA – The Securities and Exchange Commission has issued scam warning alerts against five companies that are illegally soliciting investments from the public.
In various advisories this week, the corporate watchdog said JBF Goldminer International/Gold De Luck, Melon Plus/Primelogix Marketing Inc., Pamper Me Salon and Spa, Mono Mall, and Dermacare-Beyond Skin Care Solutions/Beyond Skincare Solutions were offering investment products without the necessary regulatory licenses.
By engaging in such activities, these companies and their agents, brokers, endorsers, and influencers are in violation of the Securities Regulation Code (SRC) and Financial Products and Services Consumer Protection Act.
Both laws carry a maximum penalty of a fine of P5 million or imprisonment of 21 years.
Similar to other scams, these companies are luring victims to invest their money by promising huge returns.
For example, Dermacare Group is seeking investors for its “franchise partner agreement” that guarantees a profit of 12.6 percent interest every quarter for five years, along with various product discounts, after investing at least P250,000.
The SEC stated that Dermacare is not authorized to solicit investments from the public as it has not obtained the necessary registration and/or license to sell securities or solicit investments.
Mono Mall claims to promote and help merchants increase product sales and sell their products online. Participants can earn commissions of 30-60 percent of their investments by performing tasks like following users on the social media platform TikTok.
Pamper Me Salon and Spa is seeking minimum investments of P50,000, which the company claims will be used for its expansion activities. The promised return is 10 percent monthly interest, but the figure can increase to 25 percent or 35 percent as the investment amount increases, according to the SEC.
The SEC warned that the Financial Products and Services Consumer Protection Act also prohibits investment fraud, which includes deceptive solicitation of investments from the public, such as Ponzi schemes, and offering or selling investment schemes to the public without a license.
Therefore, the public is advised not to invest or continue investing in the investment scheme offered by Pamper Me Salon and Spa and its representatives.
Melon Plus/Primelogix offers rewards, discounts, and vouchers to investors that resemble characteristics of a pyramid scam, where profits from new victims are used to pay earlier investors, according to the SEC.
JBF Goldminer International and Gold De Luck are seeking investments of up to P500,000 in exchange for a daily return of 10 percent for 30 days.
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
