SEC urges public not to invest in Rollyx Trading
MANILA, Philippines — As it continues its crackdown on unauthorized solicitation of investments, the Securities and Exchange Commission (SEC) has warned the public against investing in any scheme offered by another unregistered company.
In an advisory, the SEC said Rollyx Trading was not authorized to solicit investments from the public “nor to issue investment contracts and other forms of securities” as it was not registered with the commission.
“The public is strongly advised not to invest or stop investing in any scheme offered by Rollyx Trading/Rollyx Financial Services/Rollyxtrading.com or such other entities similarly engaged in investment contracts without prior registration from the commission,” the SEC said in its advisory.
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The regulator explained that Rollyx Trading was “enticing” the public to invest up to P4,000 for a 25-percent profit, and up to P20,000 for a 60-percent profit.
Investment solicitation
The firm also offers a 10-percent referral fee with a P1 “daily log in bonus.”
The SEC also noted that Rollyx Trading’s online investment packages were “synonymous to an investment contract, which is clearly under the commission’s regulatory power.”
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Under the Securities Regulation Code (SRC), entities must first secure a license from and register with the SEC before selling securities or investment products to the public.
According to the SEC, violators may be held criminally liable and pay a maximum fine of P5 million or face 21 years of imprisonment, or both, pursuant to Sections 28 and 73 of the SRC.
Recruiters may likewise be penalized for their participation, according to the SEC. INQ
