SEC cau­tions in­vestors over ‘Plug­gle’ scheme

Business World - - CORPORATE NEWS - Arra B. Fran­cia

THE SE­CU­RI­TIES and Ex­change Com­mis­sion (SEC) on Thurs­day cau­tioned the public when deal­ing with Plug­gle, Inc., say­ing the com­pany has no li­cense or per­mit al­low­ing it to so­licit in­vest­ments from the public.

In an ad­vi­sory, the SEC En­force­ment and In­vestor Pro­tec­tion De­part­ment said Plug­gle has been promis­ing in­vestors re­turns of be­tween 30% to 100% in a span of 12 days for an in­vest­ment of at least P1,000.

Plug­gle claims its mem­bers earn money from six ways, in­clud­ing a P100 bonus for reg­is­tra­tion, and up to P400 in bonuses for those who can re­cruit new mem­bers. Trans­ac­tions are done via on­line cur­rency bit­coin, or through other le­git­i­mate mem­bers or lead­ers.

“The public is hereby ad­vised to ex­er­cise cau­tion be­fore in­vest­ing in these kinds of ac­tiv­i­ties and to take the nec­es­sary pre­cau­tion in deal­ing with Plug­gle or its rep­re­sen­ta­tives,” the cor­po­rate reg­u­la­tor said.

While Plug­gle has been reg­is­tered as a cor­po­ra­tion, the SEC noted the com­pany has not se­cured the nec­es­sary per­mits stated un­der Sec­tions 8 and 12 of the Se­cu­ri­ties and Reg­u­la­tion Code that would al­low it to so­licit in­vest­ments from the public. —

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