The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on WEECLICK, 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 not to invest or stop investing in any investment scheme offered by the said company.
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 fraudulent activities and potentially 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 WEECLICK CLUB (“WEECLICK”) are enticing the public to invest in the said entity online or through the internet.
Based on the information gathered by the Commission, WEECLICK entices the public to invest by offering membership package or account worth Php500.00 (Paylite) and Php1,000.00 (Advance), details of the offering are as follows:
- Paylite – A member can earn Php2.50 per captcha maximum of 10 captcha per day or Php25.00
- Advance – A member can earn Php2.50 per captcha maximum of 20 captcha per day or Php50.00
- Php500.00 minimum withdrawal per account
- A member with Advance account can purchase a maximum of 7 advance account which will earn Php350.00 (Php50.00 x 7 accounts) per day or Php10,850.00 (Php350.00 x 31 days) per month
- A member needs to invite two people in order to pay out
- 110% return on ads clicking
The public is hereby informed that WEECLICK is not registered with the Commission as a corporation or partnership and is NOT authorized to offer, solicit, sell or distribute any investment/securities to the public. Such activities require a Secondary License from the Commission and the securities or investment product should likewise be registered with the 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 WEECLICK in selling or convincing people to invest in their investment schemes including solicitations or recruitment through the internet may likewise be prosecuted and held criminally liable under Section 28 of the SRC and penalized with a maximum fine of Five Million Pesos (Php5,000,000.00) or maximum penalty of Twenty One (21) years imprisonment or both pursuant to Section 73 of the SRC (SEC vs. Oudine Santos, G.R. No. 195542, 19 March 2014).
In view thereof, the public is hereby advised to STOP INVESTING in the investment schemes being offered by WEECLICK. 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.
Should you have any information regarding the operation of the subject entities, please call the Enforcement and Investor Protection Department at telephone numbers 818-6047.
For guidance of the public.