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Agency raises advisory over city-based entity

THE Securities and Exchange Commission has raised another advisory, this time on an entity which operates an office in the city.

In its advisory on September 15, the Enforcement and Investor Protection Department of the agency said the Achievers Golden Marketing and Consulting (AGMC) is not authorized to solicit investments from the public as it does not have any legal personality for the purpose.

It warned those involved in the operations of the entity that they could face “strict penalties for violating the “Securities Regulation Code, the Revised Corporation Code, and such other rules and regulation enforced by the Commission.”

Based on the report of the agency, the AGMC is operating an office in the city, one of its three offices in the country. The other two are in the cities in Muntinlupa and Biñan.

The report also showed that AGMC, which is a supposed subsidiary of the Achievers Golden Holdings Inc., does not have any registration with the SEC as only the holding company was registered, although the registration does not allow it also to solicit investments.

Based on the report, AGMC lures investors to put in capital between P5,000 to P1 million with a return of investment at 1% daily or 30% monthly for 180 days.

Aside from the direct income, the entity also offers investors other ways to earn, like indirect bonus, special investor’s privilege, direct referral bonus and rewards points compounded.

“The scheme of AGMC involves the offering and sale of securities in the form of Investment contracts to the public because the investors need not exert any effort other than to invest or place monies in AGMC in order to generate income,” the agency said.

The scheme, it added, “involves the sale of securities to the public, the Securities Regulation Code (SRC) requires that these securities are duly registered with the Commission and that the concerned corporation and/or its agents have appropriate registration and/or license to sell such securities to the public pursuant to Section 8 of the SRC.”

The maximum penalty could reached to about P5 million in fines and 21 years in jail term.

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