The Securities and Exchange Commission is warning the public against three more firms soliciting investments that appear to be pyramiding or Ponzi schemes with the promise of unsustainable high returns.
Photo Insert: In a statement, the SEC advised the public against dealing with the three entities due to their unauthorized solicitation of investments without the necessary license from the Commission.
In a statement, the SEC advised the public against dealing with the three entities due to their unauthorized solicitation of investments without the necessary license from the Commission.
The three firms are Elizabeth Esty Save Lives Binary Option Trading Inc.; BitPrime, BitPrime Computer Software Trading or Ariane Estolonio-BitPrime Software OPC (one-person corporation); and Upsys Daily Trading.
Elizabeth Esty claims to be engaged in Bitcoin Trading and Binary Options Trade, where they manage the investors’ accounts and trade for the said investors using a remote-controlled software that enables 100 percent on return investment and 10 times the invested capital within days.
BitPrime claims to provide cryptocurrency services that generate income through cloud-mining investments while Upsys offers investment plans with promised earnings of 2 percent to 4 percent daily or P900.00 up to P540,000.00 after three months lock-in period.
mission’s enforcement actions and investor education campaign.
“Such actions resemble a pyramid/Ponzi scheme, where investors earn through recruitment fees instead of the sale of actual products/services, and investors are paid using the contribution of new members,” said the SEC.
It added that, “The Commission remains unwavering in its efforts to stamp out illegal investment-taking activities through financial literacy campaigns and advisories to the public.”
The investing public may visit the SEC website at www.sec.gov.ph for more information.