THE Securities and Exchange Commission (SEC) has advised the public against investing in Onecash Trading and PBB150 Trading, saying the two firms are not registered with the commission.
In an advisory posted to its website, the SEC warned the investing public against Onecash Trading, which claims to give as much as a 200% return of investment in just eight weeks. The platform can be found on social networking site Facebook, where investors are asked to pay an enrollment fee of P1,000. From there, members can build up their investment by inviting more people into the network.
In a separate advisory, the commission also advised the public against investing in PBB150 Trading. The investment scheme also operates through a Facebook account, offering users a digital currency called Kringles at P55 each. PBB150 Trading claims that investors have a guaranteed 120% cashback from a minimum investment of one Kringle within two weeks.
Since both firms are not registered with the commission, they likewise have no authority to solicit investments from the public.
The SEC said that people involved in both firms may be prosecuted and held criminally liable under the Securities Regulation Code, where they can be penalized up to P5 million, or be imprisoned by up to 21 years. — Arra B. Francia
