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The board of Emerge Gaming (ASX:EM1) admits to not knowing the motivations of its 150,000 subscribers
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Troubled online gaming company Emerge Gaming (EM1) has seemingly turned a corner after announcing ongoing record subscribers for its controversial Miggster platform
The company claims over 150,000 people have subscribed to the platform, but eight regulators around the world have banned or raised concerns about Emerge s partners, ICT and Crowd 1, for operating unlicensed investment schemes
As such, it s unclear how much of the banked revenue from Miggster subscriptions comes from an investment scheme rather than online gaming
Published February 26, 2021, 9:42 AM
During my interview with Philippine Digital Asset Exchange (PDAX) CEO Nichel O. Gaba last Saturday, he promised that all users will gain access back to the exchange by Monday, 22 February 2021. As of Wednesday, 24 February 2021 10:00 AM more than a week since the prolonged outage of the exchange there are still 225 affected accounts that are still locked out of PDAX, according to an advisory sent to users. The controversial cryptocurrency exchange cites “complicated transactions” and “extensive reconciliation process” as the reason why some users are still unable to use their funds and assets.
Quite a number of their clients (more or less 2% of its total userbase) are still asking when will they finally regain access to their accounts more than a week after the so-called system glitch? Some of these users feel that PDAX is taking their accounts hostage as some of them being asked to transfer the cryptocurrencies that they hold to a w
Published February 17, 2021, 5:00 AM
The Securities and Exchange Commission (SEC) has revoked the certificate of incorporation of Chiyuto Creative Wealth Documentation Facilitation Services for operating an unauthorized investment program that resembles a Ponzi scheme.
The SEC Enforcement and Investor Protection Department (EIPD) also imposed penalties totaling P9 million against Chiyuto and its single stockholder Patrocenio Calvez Chiyuto, Jr. for administrative violations of the Securities Regulation Code (SRC).
In addition, Chiyuto was permanently disqualified from being a director of other corporations.
The SEC-EIPD issued the order after finding that Chiyuto has been offering and selling securities to the public through a double-your-money roulette game without the necessary license from the Commission.
Based on a two-page order signed by SEC-Enforcement and Investor Protection Department officer-in-charge Oliver O. Leonardo dated January 8, the SEC En Banc approved last December 10 the offer of Hoton to pay P815,000 or equivalent to 50% of the imposable penalty, which the company paid last December 28, or some 18 days later.
The agency issued an advisory against the firm after receiving a report that Hoton was offering to the public its “Franchise Partnership Program,” partaking of a nature of securities in the form of investment as defined under Section 3.1 of Securities Regulation Code.
“Hoton Retail and Services, Inc. is not authorized to issue, sell or offer for sale securities to the public nor undertake business activities requiring a secondary license from the Commission,” SEC said in its advisory dated September 10, 2020.
The Securities and Exchange Commission (SEC) has barred Chiyuto Creative Wealth Documentation Facilitation Services from soliciting investments from the public through a double-your-money roulette game.
In an order issued on Feb. 1, the Commission directed Chiyuto, which registered as a sole proprietorship and later on as a one-person corporation (OPC), to cease and desist, under pain of contempt, from selling and/or offering securities in the form of investment contracts until it has filed and secured the necessary license.
The SEC further enjoined Chiyuto and Creative Wealth OPC from transacting business involving funds in its depository banks and from transferring, disposing, or conveying any related assets to ensure the preservation of the assets for the benefit of affected investors.