SEC warns against investing in Paysmart
The Securities and Exchange Commission (SEC) warned the public on Friday against placing their money in Paysmart Limited Philippines.
The commission said it has received information that individuals or group of persons representing Paysmart are offering investments and claiming to be engaged in offshore stock trading.
But the corporate regulator found that Paysmart is not registered as a corporation or partnership, and is not authorized to solicit investments from the public, the SEC said in an advisory.
“The public is hereby advised to exercise caution in investing their money in these types of schemes which may turn out to be Fraudulent Investment Schemes, involving the sale of unregistered securities.”
“The above-mentioned entity did not secure prior registration and/or license to solicit investment from the commission as prescribed under Section 8 of the Securities Regulation Code,” the SEC said.
Paysmart is offering investors a 30-percent return on investment (ROI) in 15 days or 60 percent in 60 days for a minimum investment of $23 and a maximum of $9,000, according to the commission.
“In order for the investor to register, they must click on the link provided, which would then lead them to the Paysmart Dashboard,” the regulator said.
When a scheme involves the sale of securities, the Securities Regulation Code (SRC) requires that the issuing person and entity must be a corporation registered with the commission, the SEC emphasized.