SEC warns vs ad website Pluggle
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.