The Securities and Exchange Commission – Davao Extension Office (SEC-DEO) has warned the public to stop dealing with a certain personality who has been allegedly soliciting investments for Crowd1, an entity that the SEC has slapped with cease and desist order.
The office made the warning after the SEC Enforcement and Investor Protection Department found that Ronnie John Dohina Barrientos, who is reportedly based in General Santos City, has been recruiting for Crowd1, registered under the Crowd1 Asia Pacific Inc. which the agency ordered to stop its operations on May 12.
The office said that those that will be found violating the Securities Regulations Code (SRC) for acting as salespersons, brokers, dealers or agents of the entity maybe liable under Section 28 of the law and they can face the penalties of maximum fine of P5 million or jailed for 21 years, or both dependent on the discretion of the courts.
“Violators may also have additional punishment under the newly-implemented Bayanihan to Heal As One Act as they could be punished for `participating in cyber incidents that make use or take advantage of the current crisis situation to prey on the public through scams, phishing, fraudulent emails, or other similar acts.; This new law was crafted as part of addressing the coronavirus disease 2019 pandemic,” it added.
The agency said Barrientos, who claimed in his posts that he has earned about P10 million since joining Crowd1 eight months ago, “ is soliciting investments on behalf of the entity using social media platforms without authority from the Commission.”
Barrientos, the SEC stated, “continues to solicit investments for and in behalf of Crowd1 despite the issuance of advisory and CDO by the Commission against the subject entity.”
“He even showed his support to Crowd1 by issuing a statement in reply to the Commission’s Advisory and posted the same in his Facebook (FB) account,” it added.