The Securities and Exchange Commission advised the public against dealing with America Mall-Ph and Robinsons Company over their alleged unauthorized solicitation of investments without the necessary license.
The SEC said in an investor alert these entities reportedly enticed the public to put their money in their investment schemes known as “Tasking and Recharging,” where the public is offered online jobs by performing certain tasks with the promise of receiving monetary rewards or commissions.
It said that once a certain task is completed, the investor would be given another task to perform for the same promise of receiving higher commissions and where additional funding or recharging from the victim is necessary to withdraw their earnings.
It said these entities also use fake certificate of incorporation to make it appear that they are legitimate.
The “Tasking and Recharging” scheme also indicates a possible 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, according to the SEC.
Under the Securities Regulation Code (SRC), the offer and sale of securities should be duly registered with the SEC and that the concerned entity and/or its agents should have the appropriate registration and/or license to sell such securities to the public.
The SEC said those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers and enablers of these entities that help convince people to invest in these investment schemes might be held criminally liable under SRC.
Violators will be penalized with a maximum fine of P5 million or imprisonment of 21 yearsor both pursuant to Section 73 of the SRC.
All those involved in these schemes will be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed, the SEC said.