THE Securities and Exchange Commission (SEC) warned the public against investment schemes run by Cubebit 2.0 and Alisurvey Advertisement Marketing Services, which it said are not authorized to make such offers.
In two separate advisories on its website, the SEC said the two entities are soliciting investment without licenses.
The SEC said the Cubebit 2.0 scheme promises “ridiculous rates of return with little or no risk.”
According to the regulator, Cubebit 2.0 claims to give investors the opportunity to earn passive income via a number of online trading platforms.
The SEC said Cubebit 2.0 is not registered with the commission and is not authorized to solicit, accept or take investment from the public.
“Cubebit 2.0 is also not registered either as a crowdfunding intermediary or a funding portal under SEC Memorandum Circular No. 14, Series of 2019 or the Rules and Regulations Governing Crowdfunding,” it said.
The SEC said Alisurvey Advertisement Marketing Services’ “Buy, Wait, and Earn packages” contitute an unlicensed solicitation of investment.
The SEC said Alisurvey trades in load and ticketing services, conducts online surveys, and makes and retails perfume.
The SEC said Alisurvey is registered as a partnership but is not authorized to solicit investment from the public.
“It has not secured prior registration and/or license from the commission,” the SEC said.
According to the SEC, the packages offered by Alisurvey guarantee profits of 16.67% in monthly rebates over twelve months, or an annual guaranteed profit of around 200%.
“The public must be wary that any promise of ridiculous rates of return with little or no risk is an indication of a Ponzi Scheme where monies from new investors are used in paying fake ‘profits’ to earlier investors,” the SEC said.
BusinessWorld sought comment from the two groups in the wake of the advisories.
In a Facebook message, the official page of Alisurvey said it has responded to the advisory and will comply with the SEC’s requirements.
“Still it is an advisory, and the SEC is getting our side regarding this matter,” Alisurvey said.
Cubebit 2.0 had not responded at of deadline time.
Unlicensed selling of securities constitutes a violation of Republic Act No. 8799 or the Securities Regulation Code, making Cubebit 2.0 and Alisurvey potentially liable for fines of up to P5 million or 21 years’ imprisonment, or both. — Revin Mikhael D. Ochave
