The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on BUILDING OUR SUCCESS STORIES NETWORK INC. (“BOSS NETWORK”), warning the public of the individuals and groups involved in such activities. The advisory defines the activities behind the scheme, and advises the public to take precaution in joining or investing in these groups.
In support of this view, Coins.ph does not endorse or is affiliated in any way with such activities or products. Moreover, we have a zero tolerance policy on fraud and scamming practices. In a separate article, we have enumerated tips on how you can avoid investment schemes and other online scams. We urge our customers to be extra diligent with their funds and to act within our User Agreement.
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The Commission has received information that individuals or group of persons representing BUILDING OUR SUCCESS STORIES NETWORK INC. (“BOSS NETWORK”) are enticing the public to invest in the said entity online or through the internet.
Based on the information communicated to and gathered by the Commission*, a person enticed to be a member of BOSS NETWORK, must buy any of the following packages offered with the following information:
|
PACKAGE |
PRICE |
UBP SHARES |
Points Value (PV) |
MAXIMUM EARNING FROM UBP |
Maximum Pairing Income per day |
Products included |
|
Bronze |
Php1,500.00 |
1 |
15 |
Php2,250.00 |
Php3,000.00 |
3 perfumes plus 1 Gluta Soap and 1 Gluta Soap |
|
Silver |
Php4,500.00 |
3 |
45 |
Php6,975.00 |
Php6,000.00 |
6 perfumes plus 3 Gluta Soap and 3 Gluta Soap |
|
Gold |
Php10,500.00 |
7 |
105 |
Php16,800.00 |
Php10,500.00 |
14 perfumes plus 7 Gluta Soap and 7 Gluta Soap |
|
Platinum |
Php22,500.00 |
15 |
225 |
Php37,125.00 |
Php15,500.00 |
30 perfumes plus 15 Gluta Soap and 15 Gluta Soap |
|
Sapphire |
Php46,500.00 |
31 |
465 |
Php79,050.00 |
Php19,500.00 |
62 perfumes plus 31 Gluta Soap and 31 Gluta Soap |
|
Ruby |
Php94,500.00 |
63 |
945 |
Php165,375.00 |
Php24,000.00 |
126 perfumes plus 63 Gluta Soap and 63 Gluta Soap |
|
Emerald |
Php190,500.00 |
127 |
1905 |
Php342,900.00 |
Php28,500.00 |
245 perfumes plus 127 Gluta Soap and 127 Gluta Soap |
|
Platinum |
Php382,500.00 |
255 |
3825 |
Php707,625.00 |
Php33,000.00 |
510 perfumes plus 255 Gluta Soap and 255 Gluta Soap |
*Including video presentations on youtube and posts on the Facebook account of BOSS and their members
The following are the five (5) ways to earn:
- Universal Bonus Pool (UBP):
- Global Linear Reward – a member shall earn profit from his/her share in the ten percent (10%) of the price of the availed package divided among the members in proportion to their UBP shares;
- Profit Sharing – a member shall earn profit from his/her share in the ten percent (10%) of the price of product arising from repeat orders divided among the members in proportion to the their UBP shares;
- Sponsor Profit – a member shall earn profit equivalent to 5%, 3% and 2% of the pairing income earned by the member’s immediate (up to 3 levels) sponsors, respectively.
Under the UBP, a member shall be entitled to the respective package’s maximum UBP income despite of having no recruits. Under this method, a member can earn up to the maximum amount of the UBP. However, a member, may upgrade to a higher package to maximize the profit.
- Direct Referral Bonus
A member shall earn the following referral bonus according to the package availed of his newly recruited member:
- Pairing Bonus (Cycle Reward)
A member shall earn one hundred fifty pesos (Php150.00) from every UBP shares paired from a member’s leg (left and right) up to the maximum pairing income per day (provided in Table 1 above) regardless of the level of generations.
- Unilevel Income
A member shall earn Php5.00 for every purchased product of his downline up to the tenth (10th) level.
- Infinity Bonus
A member shall earn a bonus from the first (1st) two invites of his direct referrals’ recruits beginning from his 3rd downline. Below is the respective bonus for each packages.
The public is hereby informed that the registration of BUILDING OUR SUCCESS STORIES NETWORK INC. with the Commission only confers juridical personality and authorizes the company “To engage in direct selling of goods and merchandises to consumers.” It must be emphasized that the company is NOT authorized to offer, solicit, sell or distribute any investment/securities. Such activities require a Secondary License from the Commission and the securities or investment product should likewise be registered with SEC before they can be offered or sold to the public under Sections 8 and 12 of the Securities Regulation Code (SRC).
Any offerings which involves investment of money in common enterprise with the expectation of profits primarily from the efforts of others constitute investment contract. Such offering of investment contract may constitute a form of INVESTMENT SCAM if investors are not created by the success of the underlying business but instead are derived from the contribution of others. While the scheme may involve sale of products, the same may still constitute an INVESTMENT SCAM if the sale of the products is not the primary focus of the scheme. In such a case, the sale of the products is just being used in order to make INVESTMENT SCAM appear to be legal.
Thus, the public is hereby WARNED of the following indication of a potential INVESTMENT SCAM:
- Unrealistic high returns on investment;
- Underlying activity is not explained well or is too complicated to understand;
- Promoters discourage investor from cashing out his investment and encourages the rolling over of the investment and/or infusing more money.
Consequently, those who act as salesmen, brokers, dealers or agents of a company in selling or convincing people to invest in the investment scheme described as a potential INVESTMENT SCAM including solicitations or recruitment through the internet may likewise be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code and penalized with a maximum fine of Five Million pesos (P5,000,000.00) or penalty of Twenty One (21) years imprisonment or both pursuant to Section 73 of the SRC.
Accordingly, those who invite or recruit other people to join or invest in this kind of venture or offer contracts or securities to the public may be held liable or accordingly sanctioned or penalized in accordance with the Supreme Court decision in the case of SEC vs. Oudine Santos (G.R. No. 195542, March 19, 2014).
Furthermore, the names of all those involved will be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed.
In view thereof, the public is hereby ADVISED to exercise caution before investing in these kinds of activities and to take the necessary precaution in dealing with BUILDING OUR SUCCESS STORIES NETWORK INC. or its representatives.
Should you have any information regarding the operation of the subject entity, please call the Enforcement and Investor Protection Department at telephone numbers 818-6047.
For guidance of the public.
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