By LITO RULONA
Correspondent .
THE Security and Exchange Commission-10 has issued an advisory against another web-based group that has been allegedly recruiting members in the city and nearby provinces.
On Monday, SEC regional director Renato Egypto issued an advisory to the public not to invest with Airbit Club and its marketing affiliate, GO88 Ventures Inc.
Egypto said Airbit Club is neither registered as a corporation nor a partnership. He said it is not authorized to solicit investments from the public.
He said the company also has not secured prior registration or license to solicit investment from SEC-10 as prescribed under Section of the Securities Regulation Code.
“The GO88 Ventures is registered with the Commission as a corporation with the primary purpose of engaging in other wholesale business. However, it has no registration or permits to offer or sell securities,” Egypto said.
Based on the information gathered by the Commission, Airbit Club and GO88 Ventures, Inc. entice the public to invest by offering online subscription packages which allegedly allow an investor to earn passive income through regular daily rewards or active income through recruitment of downlines.
“We keep on reminding the public to check first before the SEC office,” he added.
Egypto said they would coordinate again with the City Council’s Committee on Trade, Commerce, and Industry, chaired by City Councilor George Goking, to call for an emergency meeting and once again discuss the alleged proliferation of online investment scams in the city.
He said they are now asking the public to come forward and to file formal complaints against these online investment companies that are mostly unregistered companies.
He said during the latest city council committee meeting, the committee has already asked the National Bureau of Investigation and the Philippine National Police-Cybercrime Group to accept formal complaints filed before their respective offices.
This June, the SEC issued a similar warning regarding a website: Coin-Option.com.
The website and its representatives have been enticing the public to invest in cryptocurrencies.
It has been classified by the SEC as an Internet-based Ponzi Scheme because they offer huge profit in short periods and utilize a binary network (upline and downline) to earn commisions.
According to the advisory, the SEC will report the names of those involved with Coin-Option to the Bureau of Internal Revenue.
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