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The Securities and Exchange Commission has flagged five more entities that are illegally soliciting investments from the public, taking advantage of the current COVID-19 pandemic.
In separate advisories dated April 7, the SEC warned the public against investing in Cryptec, CryptoPeso, V2R Trades, Lao Razon Trading and/or Lao Razon Marketing and Sakto Online Advertising.
Based on the SEC’s records, these entities have not secured the necessary licenses to solicit investments from the public, as required by Republic Act No. 8799, or the Securities Regulation Code.
Those who act as salesmen, brokers, dealers or agents of fraudulent investment schemes may be held criminally liable and penalized with a maximum fine of P5 million or imprisonment of 21 years or both under the Securities Regulation Code.
In addition, Republic Act No. 11469, or the Bayanihan to Heal as One Act, penalizes those participating in cyber incidents that make use or take advantage of the current crisis to prey on the public through scams, phishing, fraudulent emails, or other similar acts with two-month imprisonment or a maximum fine of P1 million or both.