The Securities and Exchange Commission (SEC) has green-lighted the country’s first crowdfunding platform that will connect small, medium and emerging enterprises with banks and other lenders.
A joint venture between Filinvest Development Corporation and Investree Singapore Pte. Ltd., Investre
December 23, 2020 | 7:55 pm Font Size
SEC.GOV.PH
THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading (Maxx Profit), which it said solicited funds despite being unregistered.
In an advisory on its website, the corporate regulator said Maxx Profit is not registered with the SEC neither as a corporation nor as a partnership, and is also not authorized to solicit investments from the public as it has not acquired the specific license to do so.
Showing screenshots of the said group, the SEC said Maxx Profit headed by Jonard Laurilla is offering investment packages that promise earnings of 200% in just 12 days.
Common cryptocurrency scams and how to avoid them
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Metro Manila (CNN Philippines) Is cryptocurrency a scam? It isn t, but you should still be careful with fraudulent schemes that ride on its popularity. Cryptocurrency is a volatile enough investment as it is. Don t fall prey to these common cryptocurrency frauds.
Scam No. 1: Fake cryptocurrencies
A common scam is presenting a new cryptocurrency as an alternative to popular digital monetary currencies like Bitcoin. Fraudsters would lure victims into believing it s too late to cash in on Bitcoin, and they will introduce a fake cryptocurrency.
In the United States, the people behind My Big Coin were charged for running an elaborate cryptocurrency scam that defrauded at least 28 investors out of six million dollars. Authorities learned the victims were asked to invest in fake cryptocurrency, not knowing the funds were re-directed into the fraudsters bank accounts.
Published December 15, 2020, 2:00 PM
Get-rich-quick cryptocurrency scams have proliferated online, shamefully seeking to take advantage of netizens who are merely trying to augment their incomes during these difficult times.
The Securities and Exchange Commission (SEC) investigated more than 30 of these online scams as of April 2020, all of which were deceiving victims into investing money into illegal investment operations with the promise of large and quick returns.
Fraudulent cryptocurrency platforms use Ponzi or pyramiding schemes, which generate returns for earlier investors by taking later investors’ money. Others advertised their get-rich-quick-schemes on social media platforms and messaging applications, such as Telegram and Facebook Messenger, nefariously attempting to victimize everyday investors about actual cryptocurrency. Some of these scammers even resorted to using the names of known government officials, claiming that these officials endorsed the use of their pla