The Securities and Exchange Commission on Monday exposed the fraudulent nature of an online job recruitment company and a retailer in Quezon province that offer investments to the public.
The SEC warned against investing in Ariamall/Amelia Mall Philippines Inc. and Eatcited Pasalubong Center as their operations, the advertised marquee notwithstanding, masks their Ponzi scheme operations.
According to the SEC, Ariamall is using a fake certificate of incorporation and engages in schemes known as tasking and recharging where the unwitting is asked to perform tasks in exchange for monetary rewards.
The rewards are actually commissions, the SEC said.
As tasks complete, the investor are given another task and a promise of receiving new commissions that can only be withdrawn upon payment of a so-called tax charge.
“Tasking and recharging have the characteristics of a Ponzi scheme,” the SEC said.
Eatcited Pasalubong Center, meanwhile, is registered with the Department of Trade and Industry as a sole proprietorship operating out of Tayabas in Quezon province.
As appearing in its social media posts, the company claims that it is looking for partners or silent investors for a short or long term contract with the possibility of earning money up to 120 percent for a period of 12 months.
For a minimum investment of P20,000 in their food delivery service, one is guaranteed 5 percent earnings a month. An investment of P500,000 pulls guaranteed 10 percent earnings a month, the SEC said. The agency said its business activity falls within the purview of an investment contract. The agency said its activities are akin to Ponzi schemes and have not registered with the SEC.
