SEC exposes 3 more investment scams
Three more groups peddling illegal get-rich-quick schemes while the world is grappling against the COVID-19 pandemic have been flagged by the Securities and Exchange Commission (SEC).
The SEC warned the public against investing in OnlineBiz/OnlineBiz ECommerce, Accelerare Car Main Ph/Accelerare Ph/Accelerare/ Accelerare Car Trading/ Accelerare Forex Trading, and Legit Payout/Legit Pay Out.
None of these entities is registered as a corporation or partnership or has secured the requisite licenses to solicit investments from the public as required under Republic Act No. 8799, or The Securities Regulation Code.
As it continues to weed out scammers, the SEC reiterated its advice for the public to exercise caution when dealing with individuals or groups promising ridiculous rates of return on investment with little or no risks. Such investment offers could turn out to be Ponzi schemes, where money from new investors are used to pay earlier investors, the SEC noted in a statement issued Friday night.
OnlineBiz is soliciting a minimum of P19,000 worth of investment in exchange for P5,000 to 50,000 weekly earnings, plus insurance plan and free travels.
In its advisory dated April 23, the SEC noted the similarity of OnlineBiz’s investment scheme with that of Elite Entrep Blue Print. The Facebook page of OnlineBiz also bears the logo of Elite Entrep Blue Print, another scammer earlier exposed by the SEC.
Accelerare, which is based in Don Bosco, Parañaque City, asks investors to lend to its ventures in car trading and foreign exchange, while promising interest income as well as bonuses and commissions. A minimum of P1,000 is required in the car trading business, with the promise of 20-percent interest after 28 days or 150 percent after 90 days.
In the forex trading business, Accelerate is asking for a minimum investment of P10,000, with the promise of earning 30 percent daily, weekly or monthly, depending on the trade. The group is founded by one Harlou Angelo Crampatanta Bolima.
Legit Pay Out likewise entices the public to invest by promising a high return in a short period. Under the scheme, one needs to pay P1,000 to secure a slot. In two weeks, the amount invested for every slot would supposedly grow by 60 percent to P1,600.
Legit Pay Out is operated by a certain Wilme Joe Vergara, also known as Joe de Vergara, the SEC said. —Doris Dumlao-Abadilla INQ
