SEC warns public against two unauthorized investment groups

THE SECURITIES and Exchange Commission (SEC) Philippines recently warned the public against participating in investment schemes of Extremebot Corp. and Greenlift Wellness Products Trading (Greenlift) as these entities do not have a license to sell securities.

In advisories on its website, the corporate regulator flagged Extremebot and Greenlift as unauthorized operators of investment schemes.

The SEC advised the public “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 (Extremebot and Greenlift) and to exercise caution with any individuals or group of persons soliciting investments for and on behalf of it.”

Extremebot is currently registered as a corporation that primarily engages in the online and retail selling of beauty products, the SEC said. It is not licensed to “solicit, accept or take investments from the public or issue investment contracts.”

The SEC said the firm is currently offering investments through a membership fee ranging from P135 to P160. Members “can earn around P0.010 to P0.08 for unlimited captcha typing or solving math problems; P40 for every direct referral; and P10 and P5 for every indirect referral on the 1st and 2nd level, respectively.”

Meanwhile, for its part, Greenlift is not registered with the SEC as either a corporation or partnership, although the Department of Trade and Industry had granted it a certificate of business name registration months ago. Like Extremebot, it is not authorized to solicit investments from the public.

At present, Greenlift is offering investments with the promise of referral bonuses, trading profits and giveaways for investor-members.

For violating the Securities Regulation Code, the people behind Extremebot and Greenlift may be penalized with a P5-million fine, 21-year imprisonment, or both. — Angelica Y. Yang