SEC warns pub­lic from Plug­gle’s in­vest­ment scheme

The Freeman - - BUSINESS - (Philstar.com)

MANILA — The Se­cu­ri­ties and Ex­change Com­mis­sion on Thurs­day warned the pub­lic from in­vest­ing in Plug­gle Inc., an ad­ver­tis­ing web­site that is not au­tho­rized to so­licit in­vest­ments.

Although Plug­gle Inc. is reg­is­tered to the com­mis­sion, the SEC said that the com­pany is not au­tho­rized to so­licit from the pub­lic as it has yet to se­cure the nec­es­sary doc­u­ments from the reg­u­la­tory agency.

The SEC said that Plug­gle Inc. has been re­quir­ing its mem­bers to sign up to its web­site by pur­chas­ing an ac­ti­va­tion code amount­ing to P1,000 us­ing bit­coins or through their le­git­i­mate mem­bers or lead­ers.

The Com­mis­sion also said that on its Face­book ac­count, Plug­gle Inc. prom­ises a re­turn of 30 per­cent to 100 per­cent in 12 days.

Plug­gle Inc. claims that its mem­bers may sup­pos­edly earn var­i­ous amounts in six dif­fer­ent ways:

1. P100 upon regis­tra­tion

2. P100 ev­ery time a mem­ber logs in to his or her ac­count

3. P60 per lo­gin of the per­son’s 1st level down­lines and P40 per lo­gin of the in­di­vid­ual’s 2nd level down­lines

4. P100 for ev­ery per­son he or she spon­sors into the sys­tem.

5. P400 for one pair in each level down to the 10th level of the bi­nary struc­ture;

6. P100 for ev­ery pair in the bi­nary struc­ture.

The SEC also warned that any sales­man, bro­kers, deal­ers or agents claim­ing to be rep­re­sent­ing Plug­gle Inc. may be pros­e­cuted and held crim­i­nally li­able un­der Sec­tion 28 of the Se­cu­ri­ties Reg­u­la­tion Code.

The SEC also said that in­di­vid­u­als who con­vince po­ten­tial in­vestors to the scheme can be pe­nal­ized with a max­i­mum fine of P5 million or penalty of 21 years im­pris­on­ment.

Fur­ther­more, the reg­u­la­tory body also warned that those who in­vite or re­cruit other peo­ple to join or in­vest in the scheme or of­fer con­tracts or se­cu­ri­ties to the pub­lic may also be held li­able.

Mean­while, the SEC said that Banko Sen­tral, un­der its Mem­o­ran­dum Cir­cu­lar No. 944, s. 2017, does not in­tend to en­dorse any vir­tual cur­rency such as bit­coin as it is nei­ther is­sued or guar­an­teed by a cen­tral bank nor backed up any com­mod­ity.

FROM THE WEB

Plug­ging Inc. has been re­quir­ing its mem­bers to sign up to its web­site by pur­chas­ing an ac­ti­va­tion code amount­ing to P1,000 us­ing bit­coins or through their le­git­i­mate mem­bers or lead­ers.

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