The Securities and Exchange Commission has let out a warning against three entities allegedly engaged in unauthorized solicitation of investments without the necessary license.
In an advisory, the SEC said the errant entities include, among others, FDMS, which is headed by Frederick Bahalla Sabater, Marlon Salvador Adriano, Mylene Balayan Cureg, Daniel Dela Cruz Sta. Rita and Ronaldo Dizon Villena.
Records show FDMS registering with the agency on March 15, 2021 but only as a corporation and not as issuer or seller of securities to the public which requires a secondary license.
“Further, per records of the commission, FDMS Business and Marketing Solutions Inc. is not authorized to solicit investments from the public as this entity did not secure prior registration and/or license to solicit investment from the Commission as prescribed under Sections 8 and 12 of the Securities Regulation Code,” the regulator said.
Trading Cartel, meanwhile, never registered with the SEC as a corporation or partnership nor was it authorized to solicit investments from the public since it has not secured prior registration and license as required under the Securities Regulation Code.
“A verification of said reports showed that persons have been engaging in the investment scheme being offered by certain individuals affiliated with (the company) where they promise a return of as much as 5 percent to 10 percent monthly interest,” the SEC said in its advisory.
The agency also warned not to invest in Lele Gold Farm, also known as Lele Gold Coin or Gold Farm, which promises earnings while playing games.
Lele Gold Farm is a mobile application downloaded from Google Playstore.
A group of persons claiming to represent the company was found promising investors earnings of P2,310 up to P345,600 a month while playing games at its platforms.
The SEC said Lele Gold Farm is not a registered entity and operates without the necessary license.
All of these investments, the agency said, resemble a pyramid or Ponzi scheme where investors earn through recruitment fees instead of the sale of actual products and services that investors are paid using the contribution of new members, according to the SEC.
