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Home Investing News

SEC warns public vs investing in three entities

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June 26, 2022
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SEC warns public vs investing in three entities
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THE Securities and Exchange Commission (SEC) has warned the public against investing in three unregistered entities that are not authorized to solicit investments.

The SEC issued advisories on June 24 against J Shoes Footwear Trading, Accure Wealth Finance, Southpole Finance or Southpole Administration of Financial Marketing.

“This advisory is prompted by inquiries, reports and information received by the commission that individuals and/or groups of persons claiming to represent an entity named J Shoes Footwear [or] J Shoes Footwear Trading, are enticing the public to invest their money in the said entity with promise of high monetary rewards or profits equivalent to a guaranteed 8% monthly interest,” the agency said.

It said the entity is not registered with the commission either as a corporation or partnership.

The public is advised “not to invest or to stop investing in the investment scheme being offered by any individuals claiming to represent said entity.”

Meanwhile, Accure Wealth Finance, according to the SEC, “entices” the public to invest in the entity “online or through the internet.”

“An investor shall earn 5% up to 20% interest daily with a minimum investment of P200. Further, it also has a direct referral bonus of 20% on the 1st level and 2% from 2nd to 6th level,” the agency said.

“Accure Wealth Finance is not registered with the commission,” it noted.

On Southpole Finance or Southpole Administration of Financial Marketing, the agency said the entity is “offering investments to the public ranging from P500 up to P100,000.”

“Investors earn 50% for the first 10-day period; 50% for the next 10-day period; and 200% for the following 10-day period, for total accumulated earnings of 300% in just 30 days.”

“Investors may also earn through affiliate commissions, namely: direct referral bonus of 50% at the first level and indirect referral bonus of 1% at the second to 10th level,” it added.

The entity, which the SEC said is not authorized to solicit investments from the public, is allegedly earning through buy and sell, finance, forex trading, and IQ Option MT5.

According to the agency, those who act as salesmen, brokers, dealers or agents or claim to act as such for such entities in selling or convincing people to invest in the investment scheme being offered, including solicitations and recruitment through the internet, may be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code and penalized with a maximum fine of P5 million or penalty of 21 years of imprisonment or both.

“Also, those who invite or recruit others to join or invest in such venture or offer investment contracts or securities to the public may incur criminal liability, or otherwise be sanctioned or penalized accordingly as held by the Supreme Court in the case of Securities and Exchange Commission vs. Oudine Santos,” it also said.

BusinessWorld tried to reach out to J Shoes Footwear Trading and Accure Wealth Finance through the contact information provided on their websites or social media pages. There were no immediately available contact details for Southpole Finance or Southpole Administration of Financial Marketing. — Arjay L. Balinbin

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