The Securities and Exchange Commission (SEC) has warned the public against investing in Quick4Speed, an entity claiming to provide high-end parts for motorcycles and cars.
The company markets itself a “master trader” in the foreign exchange market and generating consistent revenue and profits regardless of economic conditions.
The company is owned by one Jowill Olasiman.
According to the SEC, Quick4Speed is inviting investors to help expand the brand by offering investment packages that return 10 percent every month or 120 percent capital gains in just a year.
“In this regard, the public is made aware that an ‘investment contract,’ which is a kind of security, exists when there is an investment or placement of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others, which is prominent in the scheme of Quick4Speed,” the SEC noted.
The SEC said Quick4Speed is not a registered corporation or partnership and operates without a license to solicit, accept or take investments/placements from the public. It does not have authority to issue investment contracts and other forms of securities.
Those acting as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, uplines, influencers, endorsers, abettors and enablers of Quick4Speed, in soliciting or convincing people to invest in the investment scheme, including soliciting investments or recruiting investors through the internet, may be held criminally liable.
Violation carries minimum penalty of P5 million and imprisonment of 21 years as the Securities Regulation Code requires any offer and sale of securities be registered with the SEC.
The Financial Products and Services Consumer Protection Act also prohibits investment fraud defined by law as any form of deceptive solicitation of investments from the public, including Ponzi and such other schemes involving the promise or offer of profits or returns sourced from the investments or contributions made by the investors themselves, and the offering, or selling of investment schemes to the public without a license or permit from the SEC.
