SEC warns versus entity’s promise of huge returns

THE Securities and Exchange Commission (SEC) is warning the investing public in opposition to an unauthorized entity promising profitable returns.
“The fee was made conscious of the unlawful investment-taking actions of 3X1 Marketing Services/Leovic 3X1 Wellness and Beauty Center proprietor and operated by Leovic Nachor Montemayor,” the SEC stated in an advisory dated July 8.
The Montemayor-led entity attracts traders by providing a passive revenue program, which guarantees a 210% return inside 35 days or six p.c every day.
It additionally has different applications to entice would-be traders.
One can put in as little as P1,500 for “binary merchandise” and earn 10% in a direct referral bonus. For one other program referred to as “Task, Captcha,” 3X1 Marketing Services stated an account price P1,500 could earn P1,500 to P1,950 in 15 days by captcha encoding and by performing an “undisclosed activity.”
Leovic 3X1 Wellness and Beauty Center holds a Certificate of Business Name Registration from the Department of Trade and Industry with BN 2911692, which was issued to Mr. Montemayor on May 15. However, the entity continues to be not approved to gather investments as a registration or a license from the fee continues to be wanted. 
3X1 Marketing Services/Leovic 3X1 Wellness and Beauty Center shouldn’t be registered with the fee as an organization or as a partnership. The SEC stated none of the 2 have a license to gather investments and these are additionally not registered as a crowdfunding middleman or a funding portal.
BusinessWorld sought remark from the entity via 3X1 Marketing on Facebook, however it has but to reply as of press time.
“The fee warns all unscrupulous people and/or entities that strict penalties are imposed for violations of the Securities Regulation Code (SRC), the Revised Corporation Code, and such different guidelines and regulation enforced by the fee,” the company watchdog stated.
Those who act for 3X1 Marketing Services/Leovic 3X1 Wellness and Beauty Center in gathering investments from the general public could also be prosecuted or held criminally liable, the SEC stated. Persons could also be fined a penalty price price P5 million at most and/or face 21 years behind bars.
“In addition, the names of all these concerned will probably be reported to the Bureau of Internal Revenue (BIR) in order that the suitable penalties and/or taxes be correspondingly assessed,” the SEC stated.
The fee additionally calls on the general public to not spend money on or cease investing in 3X1 Marketing Services/Leovic 3X1 Wellness and Beauty Center. Those with details about the entity’s operations are additionally referred to as on to report these to the SEC. — Keren Concepcion G. Valmonte

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