The Securities and Exchange Commission warned the public from investing their hard-earned money in Togachat Academy Philippines Inc. and Tabale Cacao Farm, which are not licensed to solicit investments.
The SEC said in an advisory posted posted on its web site it received information that a group of persons representing entities named Togachat Tare were enticing the public to invest their money in the said entity with the promise of monetary rewards or profits.
The scheme involves inviting people to pay the minimum amount of P5,000 in exchange for a promise of high monetary rewards that can only be achieved through recruitment of more people to participate in the scheme.
While Togachat is a registered company with the SEC, it is not authorized to solicit investments from the public. It has noted secured prior license to sell securities or solicit investments as prescribed under the Securities Regulation Code.
“In view thereof, the public is hereby advised to stop investing in the investment scheme being offered by the said entity,” the SEC said.
The corporate watchdog SEC said it also received information that a certain Japhet Tabale was publicly inviting people to invest in his cacao business, under the business Tabale Cacao Farms.
Part of the scheme being offered by Tabale is a promise of a guaranteed 100 percent return of capital and share to prospective investors.
But like Togachat, the SEC said Tabale did not have a license or permit to publicly offer or sell securities.
The SEC said those who act as salesmen, brokers, dealers or agents in selling or convincing people to invest in Tabale’s business, including soliciting investments or recruiting investors through the internet, might be held criminally.
The SEC noted that Tabale had indicated in his Facebook account that he was the former branch manager of Kapa Community Ministry International Inc. for General Santos City.
The SEC on June 18 filed criminal charges with the Department of Justice against Kapa and its officers and agents for violation of the securities code.