Public advised not to invest in new scheme
THE SECURITY and Exchange Commission (SEC) has advised the public not to engage in any investment transactions following reports of a monitored investment scheme.
In an advisory released yesterday, SEC said that it received reports that individuals or groups of persons representing an entity named Elite Entrep Blue Print/ Elite Entrepreneur Blue Print/EEBP has been enticing the public to invest in them.
The statement said the entity has been inviting the public to join their company by investing a capital of P115,000, with a promise of receiving P11,500 worth of Royale products. As their way of luring investor, they have also promised to provide a return of their investments through the incomes that these investors would get out of selling the products and recruiting other new investors.
The SEC noted that the act of the entity was similar to that employed by Teachers Financial Coaching Program (TFCP)/ Teachers Financial Freedom Program (TFFP)/ Elite Teachers Financial Program (ETFP)/ Teachers Financial Program (TFP) which had been previously described by the SEC in their advisory last January 10.
The advisory said the
entity has been trying to entice the public through Facebook posts to invest in their company y further promising investors with a weekly income of P5,000 to P50,000 and P1 million in insurance coverage.
The SEC said that the entity was not authorized to solicit investments from the public “as this entity did not secure prior registration and/ or license to solicit investments from the Commission as prescribed under Section 8 of the Securities Regulation Code (SRC).”
“Those who act as salesmen, brokers, dealers or agents of Elite Entrep Blue Print/ Elite Entrepreneur Blue Print/ EEBP in selling or convincing people to invest in the investment scheme being offered by the said entity including soliciting investments or recruiting investors through the internet may be held criminally liable under Section 28 of the
SRC and penalized with a maximum fine of Five Million Pesos (Php5,000,000.00) or imprisonment of Twenty One (21) years or both pursuant to Section 73 of the SRC (SEC vs. Oudine Santos, G.R. No. 195542, 19 March 2014). In view thereof, the public is hereby advised to STOP INVESTING in the investment scheme being offered by the said entity,” it added.
The SEC added that the names of all those involved will be reported to the Bureau of Internal Revenue (BIR) so that appropriate penalties and/ or taxes be correspondingly assessed.
It advised the public to immediately report to authorities if they have any information regarding the operation of the subject entity and call the Enforcement and Investor Protection Department through the telephone numbers 8818-6407.