Investor alert! SEC warns against Philcrowd.com
The Securities and Exchange Commission has warned the public against investing in Philcrowd.com which has been soliciting investments without the necessary license.
In an advisory, SEC said the Philcrowd.com is not registered as a corporation and/or partnership nor authorized to solicit investments from the public.
Investors are required to shell out P2,500 as membership fee which will supposedly qualifies them to fund any business they like – from agribusiness, food franchises, energy, real estate and others.
Target returns can range from five to 50 percent. Payment of the return of investment is done through direct bank bank deposit or fund transfer to BDO-Idea School and BPI-MIchael Caya.
“The public is hereby warned that such investment schemes whether with the use of money or virtual currencies such as bitcoin, etherium, ripple, dash, litecoin, monero, SIBcoin, moon coin and many others are considered as securities subject to the regulatory authority of this Commission,” the SEC said.
“The recruitment of investor members under the guise of sponsoring a person into the system is likewise considered a form of investment solicitation which requires a permit or license from the Commission,” the agency added.