SEC warns vs ad web­site Plug­gle

The Philippine Star - - BUSINESS -

The Se­cu­ri­ties and Ex­change Com­mis­sion (SEC) has un­cov­ered another in­vest­ment scam, this time in­volv­ing an ad­ver­tis­ing web­site.

In an ad­vi­sory, the SEC said it has re­ceived in­for­ma­tion that in­di­vid­u­als or group of per­sons rep­re­sent­ing an en­tity called Plug­gle Inc. are lur­ing peo­ple to put their money into the com­pany.

Based on the re­ports the SEC re­ceived from the pub­lic, Plug­gle is en­tic­ing in­vestors to join its ad­ver­tis­ing web­site by putting in an ini­tial in­vest­ment of P1,000.

Plug­gle re­quires its mem­bers to sign up to its web­site through a spon­sored link and to pur­chase an ac­ti­va­tion code P1,000 through their ac­counts us­ing bit­coin or through other le­git­i­mate mem­bers or lead­ers.

Un­der its scheme, Plug­gle mem­bers may earn in six ways. These in­clude a sign up bonus wherein the mem­ber will earn P100 upon reg­is­tra­tion, a per­sonal log-in bonus wherein the mem­ber will earn P100 ev­ery time he logs in the ac­count, and a group log-in bonus wherein the mem­ber will earn P60 per lo­gin of his first level re­cruits.

In its Face­book ac­count, Plug­gle prom­ises a re­turn of 30 per­cent to 100 per­cent in 12 days but the SEC said the com­pany is not au­tho­rized to so­licit such in­vest­ments from the pub­lic.

“The pub­lic is hereby in­formed that Plug­gle, de­spite hav­ing been reg­is­tered with the Com­mis­sion as a cor­po­ra­tion, is not au­tho­rized to so­licit in­vest­ments from the pub­lic as it has not se­cured the nec­es­sary li­cense or per­mit from the Com­mis­sion as re­quired un­der Sec­tions 8 and 12 of the Se­cu­ri­ties Reg­u­la­tion Code (SRC),” the SEC said.

Ac­cord­ingly, those who in­vite or re­cruit other peo­ple to join or in­vest in this ven­ture or of­fer con­tracts or se­cu­ri­ties to the pub­lic may be held li­able or ac­cord­ingly sanc­tioned or pe­nal­ized in ac­cor­dance with ex­ist­ing laws.

“In view thereof, 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 Inc. or its rep­re­sen­ta­tives,” it said.

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