The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on SHANTAL BUSINESS CENTER, 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 SHANTAL BUSINESS CENTER, SHANTAL KING MARKETING AND REMITTANCE CENTER and SHANTAL GROUP OF COMPANIES (herein “SHANTAL”) are enticing the public to invest their money in said entities.
Based on the information gathered by the Commission, SHANTAL promises a return of 40% per month with the option for weekly or monthly payouts. The minimum investment is Five Thousand Pesos (Php 5,000.00) while the maximum is Twenty Million Pesos (Php 20,000,000.00). SHANTAL also offers a program called REVOLVING FUND SCHEME wherein Php5,000.00 turns into Php20,000.00 in seven (7) working days; Php20,000.00 turns into Php60,000.00 in fifteen (15) working days; 40% in weekly or in monthly basis based on the funds entrusted to the program; and a motor, car plan, housing, and laptop in 20% lock in price of the total market value for four (4) months.
The public is hereby informed that SHANTAL BUSINESS CENTER, SHANTAL KING MARKETING AND REMITTANCE CENTER and SHANTAL GROUP OF COMPANIES SHANTAL are not registered with the Commission as a corporation or partnership nor are they authorized to solicit investments from the public since they have not secured prior registration and/or license from the Commission as prescribed under Sections 8 and 28 of the Securities Regulation Code (SRC).
Those who act as salesmen, brokers, dealers or agents of SHANTAL in selling or convincing people to invest in the investment scheme being offered by these entities including solicitations and 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 (P5,000,000.00) or penalty of twenty-one (21) years of imprisonment or both pursuant to Section 73 of the SRC.
Also, those who invite or recruit others to join or invest in such venture or offer investment contracts or securities to the public may incur criminally liability, or otherwise be sanctioned or penalized accordingly as held by the Supreme Court in the case of Securities and Exchange Commission 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 advised to exercise caution in dealing with any individuals or group of persons soliciting investments for and on behalf of SHANTAL BUSINESS CENTER, SHANTAL KING MARKETING AND REMITTANCE CENTER and SHANTAL GROUP OF COMPANIES. The public is further advised NOT TO INVEST or STOP INVESTING in any investment scheme being offered by said entities.
Should you have any information regarding any investment solicitation by any individuals or group of individuals representing SHANTAL BUSINESS CENTER, SHANTAL KING MARKETING AND REMITTANCE CENTER and SHANTAL GROUP OF COMPANIES, please call the Enforcement and Investor Protection Department (EIPD) at telephone numbers (02) 818-6047 and (02) 818-6047 or send your report to the EIPD at firstname.lastname@example.org
For the guidance of the public.