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SEC warns public on 'investment scams' in NorMin

By Nef Luczon

February 8, 2022, 6:45 pm

CAGAYAN DE ORO CITY - The Security and Exchange Commission - Cagayan de Oro Extension Office (SEC-CDOEO) has issued a public advisory on 27 firms allegedly running "investment scams".

The advisory about the 27 suspicious investment firms without appropriate SEC licenses was posted on the Facebook page of the Department of Trade and Industry-Bukidnon on Tuesday.

In a statement, lawyer Frederick A. Enopia, SEC-CDEO officer-in-charge, said the majority of the identified entities utilize the online platforms through mobile applications to entice the public in various areas.

Enopia also noted the prominence of Bukidnon-based "Wellcons Unlimited System, Inc." whose operations proliferate in areas of Northern Mindanao and Caraga regions.

"SEC-CDOEO was alarmed by the prominence of the Wellcons’ presence in its jurisdiction throughout Region 10 (Northern Mindanao) and 13 (Caraga) by receiving numerous reports. The SEC -CDOEO then issued an advisory to warn the public from placing their investments in the entity on Feb. 03, 2022," Enopia said.

In its articles of incorporation, Enopia said Wellcons’ primary purpose is to engage and carry on the business on the distribution of products on multi-level marketing, among others; provided that the corporation shall not solicit, accept or take investments or placements from the public neither shall it issue investment contracts.

However, on its actual operations, SEC-CDOEO noted that Wellcons is involved in Binary and "Pangkabuhayan System" which has “double-your-money” schemes and guarantees huge returns on every purchase to its packages.

It also offers incentives to every recruit by the members.

“We are discouraging the public to place their investments to these entities with advisories already because it is an indicator that the SEC has found out suspicious activities on investment-taking without the requirements to legally operate. Please protect your investment through your money or properties from the enticing individuals or groups with harmful intentions," Enopia said.

SEC provided the list of advisories on the firms as follows: Beastnessallday Corporation; Wellcons Unlimited Systems, Inc.; Astrazion International/Astrazion Noble Task Community Foundation/ Astrazion Global Holdings Inc.; LMB Football; Qfx Markets Limited/Qfx Trade Limited/Qfx Technology Services; Freecit/Freebit; SOS Venture; S.O.S System; PHtop; and the Future Farming/ Future Farming ICD/ Future Farming Ff Store.

Also included are the Seymoure Paul Conceptualized Piggery Farming; Videospays; BF Football / BF Football Investment Platform FXD Philippines; Ignite Virtus International; Epic Trading; Cryptopayz; Ride2success Digital Marketing Services; Kaizen Unlimited Philippines; and the Pawis ng Pinoy Online Investment.

Further, the list also had Paidtunes; Walletpays; Cryptostakers/ Crypto-Stakers.Com; Trust Legacy International / Trust Legacy Internation; Outrace “Play To Earn”; Tunegaga / Tunegaga; and Up-Mass Innovative Marketing Corporation / Umim Corporation as deceptive firms.

The SEC has encouraged the public to submit any reports from investors or prospective clients regarding the entities with advisories that can be reported through the agency’s enforcement and investor protection department through the email address: [email protected]. (PNA)

 

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