MALAYBALAY CITY (MindaNews / 17 April) – The Securities and Exchange Commission (SEC) has issued an advisory against an entity that is reportedly enticing the public to invest in it with the promise of high monetary rewards or profits.
SEC’s advisory issued Tuesday identified the entity as JOCALS688 Beauty and Wellness Products Trading Inc. (JOCALS688) with principal address located at 2nd Floor Frylles Building, corner Mabini and Bianca Sts., Molave, Zamboanga del Sur.
The commission said JOCALS688 is offering an investment of up to P100,000 with a minimum investment of P10,000.
“An investor is assured that even without any effort on his/her part, a 30% monthly return is guaranteed. On the other hand, one could be a member for an amount of PP3,980.00 that would entitle him/her to a monthly return of 30%. The membership fee is inclusive of one bottle of juice, one box of coffee and one bottle of food supplement,” it said.
JOCALS688 promises a member a P500 incentive for every person he/she can recruit, SEC said.
It offers five ways to earn money: direct selling, direct referral bonus, pairing bonus, unilevel bonus and buy-and-earn scheme, the commission added.
The agency said the products being distributed by JOCALS688 are not registered with the Food and Drug Administration and the company itself has no license to operate from FDA-Center for Food Regulation and Research.
“Records of the Commission show that JOCALS688 BEAUTY AND WELLNESS PRODUCTS TRADING, INC. is registered with the SEC on 09 October 2019 under Company Registration No. CS201965099. However, such registration grants juridical personality to the corporation but does not authorize it to issue, sell or offer for sale securities to the public nor to undertake business activities requiring a secondary license from the Commission,” it said.
It added the company is not authorized to solicit investments from the public.
SEC also warned that aside from the strict penalties imposed for violations of the Securities Regulation Code, the Revised Corporation Code, and such other rules and regulations, “the Bayanihan to Heal as One Act (Republic Act No. 11469) also punishes those participating in cyber incidents that make use or take advantage of the current crisis situation to prey on the public through scams, phishing, fraudulent emails, or other similar acts.”
Last year, several entities across Mindanao offering high returns were ordered shut down by SEC for not being authorized to solicit investments from the public. Most of those who had invested had been unable to recover their money. (MindaNews)