THE Securities and Exchange Commission (SEC) has advised the public against investing in Alifelong Marketing and Services, Inc., saying it has not secured the necessary license from the commission to sell securities or solicit investments from the public.
In an advisory posted on its Web site, the SEC’s Enforcement and Investor Protection Department noted that while Alifelong is a duly registered corporation with the commission, it has not been authorized to be an investment vehicle.
“The public is hereby informed that (Alifelong), 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 in the advisory.
Section 12 of the SRC states that all “securities required to be registered under Subsection 8.1 shall be registered through the filing by the issuer in the main office of the Commission, of a sworn registration statement with respect to such securities, in such form and containing such information and documents as the Commission shall prescribe.”
The country’s corporate regulator described Alifelong as an advertising or marketing company with clients based abroad. Members of the company are promised returns on their P1,500 investment by referring other people into the firm or buying so-called clicking accounts. Investments come in the form of bitcoin or money deposits in different bank accounts.
Salesmen, brokers, dealers, or agents of the company may be penalized and held criminally liable for soliciting investments from the public as per the SRC, amounting to P5 million or up to 21 years of imprisonment.
Alifelong supposedly allows members to earn in six ways, first with a sign-up reward amounting to P300 upon registration. Once a member is able to sponsor another person into the system, he or she is entitled to a P100-reward for sponsoring an affiliate. Members can recruit an unlimited number of people into the system.
Another way to earn is called the “YouClick Programme,” where members can choose to join by availing of an activation code worth P1,500. After this, the member is guaranteed a return of up to P2,500 should they reach the quota of 5,000 clicks per day for a total of five business days. If a member maxes out the 5,000 clicks, they can avail of another activation code worth the same amount. Each member is allowed up to 15 YouClick account activation codes.
The match sales reward, meanwhile, could churn out P4,500 in earnings for each member, where “the member will earn P150 for every match in the binary structure.” Each account is allowed 30 matches per day.
For every person recruited on the first level, a member can then earn a sponsorship level reward of P40, and another P10 for the second up to the 10th level of the binary structure. A leveling bonus worth P400 will likewise be given for every match in each level down to the 12th level of the binary structure.
“The public is hereby advised to exercise caution before investing in these kinds of activities and to take the necessary precaution in dealing with Alifelong or its representatives,” the SEC said. — Arra B. Francia