THE Securities and Exchange Commission (SEC) is warning the public against participating in investment opportunities offered by a certain Wealthness AM Global Corp. (Wealthness Global).
In a notice on its website, the country’s corporate regulator said Wealthness Global is unauthorized to solicit investments from the public.
It said it has investigated the group and found that it was offering several investment packages to the public priced from P270 to as much as P3,600 in exchange for opportunities to earn through captcha typing.
Once registered, a member will be given captchas to solve that will earn them points that may be converted to cash.
The group also offers other earning methods such as by direct selling of products, which are health capsules and soaps, by recruiting new members, and by having the recruited members recruit more new members.
The SEC said Wealthness Global’s operations involve schemes that are equivalent to selling securities to the public. For such an operation to be authorized, the SEC requires that a company obtains a secondary license from the commission for this specific purpose.
However, Wealthness Global’s registration with the SEC is as a corporation engaged in buying, selling and importing food supplements, cosmetics and electronic gadgets.
The SEC noted the company was told not to solicit, accept or take investments/placements from the public nor issue investment contracts.
Doing so is a violation of the Securities Regulation Code, which spells penalties for those who acted as salesmen, brokers, dealers or agents for Wealthness Global: a fine of up to P5 million, imprisonment of up to 21 years, or both.
“The public is advised not to invest or stop investing in any investment scheme being offered by any individual or group of persons allegedly for or on behalf of Wealthness Global and to exercise caution in dealing with any individuals or group of persons soliciting investments for and on behalf of it,” the SEC said.
Wealthness Global was sought for comment but did not respond as of press time. — Denise A. Valdez