THE Securities and Exchange Commission (SEC) is advising the public to “exercise caution” when dealing with two companies soliciting investments without a proper license.
In an advisory released Wednesday, the corporate regulator said Right Circle Trading, Inc. found to be soliciting investments through the internet and promising bonuses.
The SEC said Right Circle had falsified the certificate of incorporation dated July 2016 which was posted on its Facebook page. Based on its records, the company was only registered as a corporation on July 23, 2019.
The regulator also clarified that a certificate of incorporation does not give a company the authority to engage in solicitation, selling and distribution of investments and securities.
“The public is hereby advised to exercise caution before investing in these kinds of activities and to take the necessary precaution in dealing with RIGHT CIRCLE TRADING INC. or its representatives,” the SEC said.
At the same time, the SEC issued an advisory against Wheretogo Travel Advertising Co./Wheretogo Advertising, which are not registered with the Commission as a corporation or partnership.
The Commission said Wheretogo Travel Advertising and Wheretogo Advertising, owned and operated by a certain Yollie Mark Roquero Brown, are supposedly offering membership packages worth P2,899 in exchange for referral bonuses ranging from P20 to P1,000.
“[T]he public is hereby strongly advised not to invest or stop investing in such schemes and to exercise prudence and precaution in dealing with such unregistered investment entity or individuals,” the regulator said.
The SEC said that salesmen, brokers, dealers, or agents of these two companies may be prosecuted and held criminally liable under the Securities Regulation Code, with a maximum fine of up to P5 million or up to 21 years in prison. — Denise A. Valdez
