THE Securities and Exchange Commission (SEC) is warning the public against a group operating under the names Brix Gamefowl Breeding, Brix Ventures, Inc., and AB Eugenio Trading, for illegally soliciting investments.
In an advisory posted on its website, the commission said it found the group to be soliciting at least P998 worth of investments to buy two chickens, in exchange for P3,000 in returns after 90 days. Returns could reach up to P7,000 for 180 days, and up to P20,000 for 360 days.
People can invest up to P10 million under the scheme, which could yield them P30 million, P70 million, and P200 million after 90, 180, and 360 days, respectively.
The SEC said that Brix Gamefowl Breeding is a registered company under the name Brix Ventures, Inc., while AB Eugenio Trading is registered under the Department of Trade and Industry under a certain Allan Brix Cabral Eugenio.
While duly registered as a corporation, Brix Ventures has not been authorized to offer, solicit, sell, or distribute any investment or securities to the public.
“The public is hereby advised to stop investing in the investment scheme being offered by Brix Gamefowl Breeding/ Brix Ventures, Inc./AB Eugenio Trading or its representatives,” the commission said.
The SEC added that such activities require a secondary license, while the securities or investment products being offered must also be registered with the SEC before they can be offered or sold to the public.
The commission noted that those who act as salesmen, brokers, dealers, or agents of the entities may face a fine of up to P5 million, or a prison sentence of up to 21 years, as per the Securities Regulation Code.
The SEC has been strengthening its efforts against investments scams following its crackdown against Kapa-Community Ministry International, which has allegedly collected at least P50 billion worth of investments from the public.
A criminal case against Kapa, its founder, and officers is now pending.
The commission earlier warned the public that any investment that seems to good to be true is probably not true.
SEC Chairperson Emilio B. Aquino also advised the public to be more discerning and critical of any promises made by fraudster, enjoining them to take the time to verify the legitimacy of an investment and where they will be getting their promised returns. — Arra B. Francia
