The Securities and Exchange Commission (SEC) warned the public about dealing with Building our Success Stories Network, Inc. (Boss Network), saying that while the group is registered with the commission, it is not licensed to solicit investments from the public.
In an advisory posted to its website Thursday, July 11, the country’s corporate regulator said that Boss Network’s registration only allows it to directly sell goods and merchandise to consumers.
“It must emphasized that the company is NOT authorized to offer, solicit, sell or distribute any investment/securities,” the SEC said, adding that to offer, solicit, sell, or distribute investments or securities require a secondary license, with the securities supposed to be registered with the commission as well.
SEC released the advisory after receiving information that Boss Network was recruiting people into its group through the sale of packages worth P1,500 to P382,500 each. — Arra B. Francia