The Securities and Exchange Commission (SEC) has issued a public advisory against Maharlika Play, an unregistered platform soliciting investments through social media.
Associated with Bryan Sanchez, Maharlika Play presents itself as a financing platform for high-stakes gaming, claiming funds will go toward digital and physical expansion — including plans to own and operate a casino. It invites the public to invest as “partners,” promising fixed returns ranging from 15% in just three days up to 333% in 45 days, depending on the chosen plan.
The SEC clarifies these offers qualify as investment contracts, which are securities under the Securities Regulation Code and require prior SEC registration and authorization. However, Maharlika Play is not registered as any juridical entity with the SEC, nor does it hold the necessary license to sell securities or solicit investments from the public.
The agency emphasized that promising such unreasonable returns without legal authority may constitute investment fraud. It also cautioned anyone acting as agents, promoters, recruiters, influencers, or endorsers of the platform: they may face criminal liability under the SRC and other applicable laws.
The SEC urges the public to exercise extreme caution and verify the registration of any investment opportunity before committing funds.
