The Securities and Exchange Commission or SEC has recently issued an advisory here (as seen below) on BIOGLOW LAUNDRY SHOP "BIOGLOW", 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.
The Commission has received information that individuals or group of persons
representing BIOGLOW LAUNDRY SHOP (“BIOGLOW”) are enticing the public to invest in the
said entity online or through the internet.
Based on the information gathered by the Commission, BIOGLOW is engaged in soliciting
investments where an investor must invest either: 1) in a main branch, amounting to Two
Thousand Five Hundred Pesos (Php2,500.00) per one percent (1%) share or; 2) in a satellite
branch amounting to Two Thousand Pesos (Php2,000.00) per one percent (1%) share. An
investor may own entirely either a main or satellite branch by investing either Php250,000.00 or
Php200,000.00, as the case maybe.
An investor shall be given an option where to invest in a particular place and shall earn
proportionate income based on the income generated by the branch or satellite where such
investor made his investment. BIOGLOW will manage the business from the establishment of the
branches including the procurement of the necessary permits, the employment and training of
staff and the actual business operation. Likewise, BIOGLOW shall be deducting twenty five
percent (25%) from the branch’s income as “processing fee,” and other necessary expenses
incurred thereof and thereafter, shall compute the income for distribution to the investors.
In addition, BIOGLOW guaranteed a monthly net sales amounting to Ten Thousand Pesos
(Php10,000.00) generated from its so-called “Monthly Sales Protection System.”
The public is hereby informed that BIOGLOW LAUNDRY SHOP is NOT registered with
the Commission as a corporation nor as a partnership under the Corporation Code of the
Philippines and 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).
Consequently, those who act as salesmen, brokers, dealers or agents of BIOGLOW
LAUNDRY SHOP in selling or convincing people to invest in the investment scheme 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 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 BIOGLOW LAUNDRY
SHOP 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.