The Securities and Trade Fee (SEC) has warned the general public in opposition to people and teams hawking unlawful crowdfunding actions or investments disguised as cryptocurrency buying and selling and franchising.
In separate advisories issued on Feb. 9, the SEC suggested the general public to train warning when coping with Jams Mart, Solmax International Restricted and Igniter 100, in addition to BitAccelerate.
All three haven’t any license to supply securities within the Philippines.
In the meantime, the SEC has revoked the certificates of incorporation of Chiyuto Artistic Wealth Documentation Facilitation Providers for working an unauthorized funding program resembling a Ponzi scheme, or one which depends on the contributions of extra buyers to repay the returns of earlier-stage members, somewhat than from the precise sale of services or products from a professional enterprise.
The SEC Enforcement and Investor Safety Division (EIPD) additionally slapped penalties totaling P9 million in opposition to Chiyuto and its single stockholder, Patrocenio Calvez Chiyuto Jr., for administrative violations of Republic Act No. 8799, or the Securities Regulation Code.
Chiyuto was additionally completely disqualified from being a director of different companies.
The EIPD earlier issued a cease-and-desist order to Chiyuto after discovering that the latter has been providing and promoting securities to the general public by means of a double-your-money roulette recreation with out the required license. That is thought of an extremely vires act, prohibited below Part 44 of the Revised Company Code of the Philippines.
Within the case of Jams Mart, which is headed by a sure Niño Luis Jamili, this isn’t registered with the SEC both as a company or as a partnership. It has been providing investments to the general public by means of its franchise funding program, the place buyers are promised as much as 300 p.c or returns inside one 12 months.
Solmax International and Igniter 100, in the meantime, have been attractive the general public to put money into its preliminary coin providing (ICO) by means of its Filipino impartial advertising and marketing companions (IMPs). Supposedly primarily based in London, Solmax and Igniter 100 are operated by Florian Krueger, Serge Meulenbelt, Abdul Rehman Sandhu, Steven Lubka, Thelma Dhlovu, Aarron Bates and Asim Mirza.
The SEC recognized the IMPs as Anna Lisa, Diane Sawali, Roberto Dulin, Aizel Alana, Ehmerson Ilagan, Jennifer Plata, Meri Reyes, Elphed Reyes Stephen Carreon, Renmar Sombilon, Jemar Tarsita, Melchor Parojinog, Reynald Atillo, Fatima Atillo, Marilou Van Meeteren, Michelle Canay, Robinson Diaz, Ferzael Ebueng, Susan Borja Ramos and Jimbert Aton.
The teams’ ICO supposedly includes their cryptocurrency referred to as “Fairness Token,” or “i100,” valued at 0.38 kilos per token/share as of November 2020, with expectations that the worth would drastically improve as soon as listed within the open market this 12 months.
The funding packages vary from £25 to £5,000, with a complete assured passive earnings of 1 p.c per day for a complete of 200 p.c for 200 days. The investor may improve their returns to 2 p.c per day for 100 days if one may recruit a minimum of three extra into the scheme.
The SEC warned that Solmax and Igniter 100, regardless of claiming legitimacy overseas, could also be working a Ponzi scheme. Moreover, each entities haven’t secured a license from the SEC to conduct its ICO inside the Philippines. They’re neither included among the many registered banks, exchanges, or firms engaged in digital belongings with the Bangko Sentral ng Pilipinas. INQ
Subscribe to INQUIRER PLUS to get entry to The Philippine Every day Inquirer & different 70+ titles, share as much as 5 devices, take heed to the information, obtain as early as 4am & share articles on social media. Name 896 6000.
For suggestions, complaints, or inquiries, contact us.