The Securities and Exchange Commission (SEC) has recently flagged five entities for offering unlicensed investment programs to the public.
In an SEC advisory released on May 4, the Commission stated that while Seven Stag International OPC is registered with the Commission as a corporation, it is “not authorized to solicit investment or placements from the public nor to issue investment contracts and other forms of securities.”
The Commission also said Seven Stag International’s investment-solicitation activities do not match its primary purpose of engaging in manufacturing, trading, direct selling, marketing, and the sale of gadgets, computer materials, and health and personal care products.
The entity has promised “daily encashment” with varying amounts according to an investor’s “level of shareholding.” The promised income is supposedly generated from online sabong (cockfight), fish [farms], and crypto trading activities, which the SEC has found to instead be sourced from new investors.
“The operations of this entity is a ‘Ponzi scheme,’ an investment fraud that involves the payment of purported returns to existing investors from funds contributed by the new investors,” it read.
Meanwhile, Hedge Trading, Coco-J Funds Corp., and Coco-J Funds Digital Marketing Services are all not registered with the Commission either as a corporation or partnership. The three entities also do not have licenses to sell securities or collect investments.
Jonas Lapada-led Hedge Trading promises a 30% return in 15 days for every P500 minimum investment. The scheme also gives a direct referral fee of 10%, a pairing bonus, and a “unilevel” bonus.
Coco-J Funds Corp. and Coco-J Funds Digital Marketing Services, on the other hand, offers “activation codes” worth P1,500 per account, and investors can buy up to 31 accounts.
The entity guarantees its investors a 200% profit within seven weeks. Members may also earn P100 per direct referral, P100 for every pair of recruits, and through a leadership cash assistant program.
In a May 6 SEC Advisory, the Commission stated that Mer’s Business Center is not registered as a corporation or partnership.
“MER’S BUSINESS CENTER offers an investment scheme to the public through its so-called ‘Contractual Joint Venture Agreement‘ where members or business partners are promised 30% monthly interest for 1 year or 360 percent in 12 months renewable for another 12 months after its expiration,” the advisory read.
The said entity offers these investment plans through its branches and satellite office headed by Reynaldo Abing Camingawan and Roger Abing Camingawan.
Moreover, the Commission has also issued two advisories mentioning Roger Camingawan propagating fake news on Kapa Community Ministry International, Inc. (Kapa) through social media platforms.
He falsely announced that cases filed by the SEC against Kapa have been dismissed and claimed that it secured registration as a crowdfunding entity.
On April 29, SEC also released a warning to the public against Infinity PayB/PayB Bills Payment and Remittance Center which is “not registered with the Commission either as a corporation or as a partnership.”
If you have information on the business transactions, operations, or investment solicitation activity of any individual or group of individuals representing any of the five entities, kindly report it to the Commission’s Enforcement and Investor Protection Department at email@example.com