The Securities and Exchange Commission or SEC has recently issued an advisory (as seen below) on Yeheey Itraffic System Inc. (“YEHEEY”), 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 YEHEEY ITRAFFIC SYSTEM INC. (“YEHEEY”) 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 YEHEEY, must be a Premium Subscriber by paying One Thousand Pesos (Php1,000.00).
A Yeheey Member is entitled to the following:
- Video Tutorials about the business;
- Online Advertising;
- Tie-up company discounts;
- Affiliate marketing programs;
- Donate and win promo;
- Yeheey unli survey; and
- Yeheey clicking ads program
Below are the ways to earn without need for any invite/s:
- Sign-up bonus - a member earns 200 yeheey points whenever he signs-up to his sponsor’s link;
- Log-in/Log-out Bonus – a member earns a total of 1,200 yeheey points** whenever such member logs-in and out four (4) times daily for six (6) days;
- Donate and Win Promo - the yeheey points can be donated and can win either a gadget, appliances, travel and lifestyle incentives, and car incentives in a raffle. The winner wins a prize set by the company at a certain time and whoever will be the last clicker at the set time is declared the winner;
- Yeheey Unli Survey –a member earns Php20,000.00 by just filling up a survey per month;
- Unli-clicking Program– a member earns Php4.00 for every four (4) clicks per day
Below are the ways to earn with “invitation”:
- Sponsoring Bonus – a member who recruits a new member to sign-up to his sponsor’s referral link earns $2 for every premium subscriber;
- Infinity Cycle Bonus –a member who is able to build his group thru pairing (called “cycle”) earns $2 regardless whether he is the direct recruiter of his downline or not;
- Global Profit Shares - every Php50,000.00 earnings of a member is equivalent to one (1) share and member is entitled to share of the company’s whole sales; 1 Including video presentation on youtube of Yeheey’s President, Mr. Erwin Borres Laraya, and posts on the Facebook account of Yeheey and their members 2 200 Yeheey Points per day Page 2 of 2;
- Yeheey Group Clicking Program – for every click of the sponsor’s group members, the sponsor earns .50 yeheey coins;
- First (1st) Cycle Bonus –a member earns $8 for every 1st cycle to each level of his group;
- Group Shares Bonus –a member earns from the total earnings of the team he belongs to.
The Commission on 22 May 2018 issued an Advisory against Paid-to-Click (PTC) program as scams.
The public is hereby informed that while YEHEEY is registered with the Commission as a corporation, however, it is NOT authorized to solicit investments from the public as it has not secured the necessary license or permit from the Commission as required under Sections 8 and 12 of the Securities Regulation Code (SRC).
Any offering to the public which involves investment of money in a common enterprise with the expectation of profits primarily from the efforts of others, constitutes an investment contract which is a form of securities that needs to be registered with the Commission.
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; and
- 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 YEHEEY ITRAFFIC SYSTEM 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.
* Including video presentation on youtube of Yeheey’s President, Mr. Erwin Borres Laraya, and posts on the Facebook account of Yeheey and their members
** 200 Yeheey Points per day
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