DAVAO CITY –– The Securities and Exchange Commission (SEC) right here warned the public against investing their cash in investment autos providing big passive earnings in so quick a time, particularly if these behind these autos are people linked to pyramid schemes.
SEC Davao’s extension workplace made the assertion after the fee issued an advisory against Mer’s Business Center, whose operator had been linked with Kapa (Kabus Padatuon) Community Ministry International Inc.
Kapa/s head Pastor Joel Apolinario had been detained since final yr.
SEC recognized a sure Roger Abing Camingawan and Reynaldo Abing Cabingawan to be behind Mer’s, a agency with head workplace in General Santos City, however which operates in numerous components of the Davao area.
Of the 2, Roger Abing Camingawan has been recognized as having hyperlinks with Kapa.
The SEC advisory stated Camingawan had tapped on-line platforms to lure buyers.
The SEC Enforcement and Investor Protection Department discovered Mer’s Business Center providing an investment scheme by way of its so-called `contractual three way partnership settlement.’
In this scheme, members or enterprise companions have been promised a 30- % month-to-month curiosity for one yr (or a 360-percent curiosity in 12 months).
The settlement is renewable for one more 12 months.
The SEC advisory stated Mer’s instructed those that wished to speculate, to go to its branches and satellite tv for pc workplaces in Mindanao. There have been studies that some people have been additionally providing these investment schemes within the Visayas.
The SEC stated the operation was unlawful because the agency, although registered with the Department of Trade and Industry, was not registered with SEC, nor had it secured a license to take investments from the public.
Under the Securities Regulation Code, an entity might solely solicit investments from the public whether it is registered and will safe a license for the aim.
LZB
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