MORE entities were found soliciting investments even if they did not have legal personalities to do so, an advisory from the Securities and Exchange Commission (SEC) bared.
The SEC threatened those behind these entities to stop their activities in relation to soliciting investments from the public or face criminal cases which carry 21 years in jail at most or a fine as high as P5 million, or both.
It added that the identities of the violators will also be reported to the Bureau of Internal Revenue for appropriate action.
In its advisory released on Tuesday, the agency identified the three as Immediate Edge, Act Machineries and Crowdbit-88.
Based on the supporting screenshots to the advisory, in Mindanao, the three were using social media to lure investors to bet their money on their schemes.
In the advisory, Immediate Edge claimed as the “most intelligent cryptocurrency software” in the world in trading these digital monies. For a $250 investment, the entity would promise for a success rate of as high 98.9% per transaction, or a profit of between $950 and $2,200 in profit, which the SEC is “too good to be true.”
In relation to Act Machineries, the SEC found out operating as a lending entity even when it was not official registered and it did not have any legal personality to engage in this form of business.
Crowdbit-88, on other hand, has invited investors to become members of its Invest Wait and Earn (IWE) Crowdfunding Bit In Bit Out.even when the SEC it was not registered as a crowdfunding intermediary or funding portal under the Rules and Regulations Governing Crowdfunding