SEC flags three more entities for unauthorized investment-taking
THE Securities and Exchange Commission (SEC) has warned the investing public against engaging with three more entities that are deemed unauthorized to solicit investments.
In three separate advisories on its website, the corporate regulator flagged Grind O’Clock Corp., Upsolution Online Shop International, and Bonnie Mall, which are said to be soliciting investments from the public without the necessary documentary requirements.
The SEC said Grind O’Clock claims to be a talent and entertainment company engaged in developing talents and connecting brands and businesses to their audience via media properties.
The entity also claims that it helps local talents such as streamers, content creators, hosts, and shout casters. It promises a return of 5% to 10% monthly interest for an investment of P50,000 and P100,000, respectively, for a six-month lock-in period.
“As posted online, the company is looking for silent investors to finance their initial expenses such as compensation, office infrastructure, and boot camps,” the SEC said.
“They also provide internal trainings and programs to help their talents to boost their potential in their chosen path,” it added.
Meanwhile, Upsolution Online Shop is said to urge the public to invest by buying shares of stock with a promise of high profits.
The entity promises investors a return ranging from P6,000 to P204,000 after 37 days depending on their investment.
Upsolution Online Shop investors are mandated to reinvest their minimum prior investment within three days or they would be blacklisted from further investing in the entity.
“The investment scheme of Upsolution Online Shop International has the characteristics of a Ponzi scheme promising exorbitant rates of return with little to no risk at all to the investors,” the SEC said.
Bonnie Mall is engaged in the tasking and recharging scheme where individuals are offered online jobs by accomplishing certain tasks with a promise of monetary rewards, the SEC said.
The individuals will be given another task with the same promise of receiving higher commissions where additional funding is necessary to withdraw their earnings.
The corporate regulator added that Bonnie Mall is using a fake certificate of incorporation to make it appear that it is legitimate.
“An investment contract exists in tasking and recharging scheme as there is an investment or placement of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others,” the SEC said.
“As such, the Securities Regulation Code requires that said offer and sale of securities must be duly registered with the commission and that the concerned entity and/or its agents should have the appropriate registration and/or license to sell such securities to the public,” it added. — Revin Mikhael D. Ochave