SEC warns vs Unitynet Corp.
The Securities and Exchange Commission has cautioned the public against dealing with Unitynet Corp., which has been soliciting investments from the public without proper registration.
In a notice to the public, SEC said Unitynet, headed by a certain Eduard Gary Salazar Reformina, is not authorized to offer any investment or securities to the public.
Under its scheme, Unitynet requires investors to chip in P2,990 each in exchange for access to its network marketing business, which allows members to earn P1,000 for every person recruited.
A member may recruit by posting on his/her social media account or website an inspirational video that has an enticing clickable banner which when clicked, shall redirect the prospective member to a referral link leading to the video presentation of Unitynet.
The referror’s unique code is indicated in the link and shall serve automatically as the new investor’s sponsor that is entitled to the commission/referral income.
Brokers and dealers convincing people to invest in Unitynet shall be prosecuted and held criminally liable under Sec. 28 of the Securities Regulation Code and penalized with a maximum fine of P5 million and/or penalty of 21 year imprisonment, the SEC said.