The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on WORLD OF CAPTCHA (WOC), 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 entity, its representatives or any entities engaged in schemes which promises ridiculous rates of return with little or no risks.
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.
Based on the information gathered by the Commission, a number of individuals or group of persons claiming to represent WORLD OF CAPTCHA (WOC), headed by CHARLES SERRANO, are enticing the public to invest their money in said entity.
As posted online, WORLD OF CAPTCHA is offering investments to the public under the cloak of captcha typing by availing either:
- Basic Plan worth Php200.00 where a member shall earn for captcha typing as much as Php300.00 by typing a maximum of 10 captchas (each costing Php3.75) per day for 8 days, and in addition, shall earn an UNLIMITED direct referral amounting to Php20.00 and an indirect referral bonus amounting to Php5.00 up to the 5th level.
- Express Plan worth Php1,000.00 where a member shall earn for captcha typing as much as Php1,500.00 by typing a maximum of 5 captchas (each costing Php37.50) per day for 8 days, and in addition, shall earn an UNLIMITED direct referral amounting to Php100.00 and an indirect referral bonus amounting to Php25.00 up to the 5th level.
In both plans, the duration is good for only 8 days and for the member to continue earning, he must purchase another plan and/or upgrade upon its expiration. Also, a member may avail of various number of accounts or a combination thereof which may have an overlapping duration.
In addition, the company is also offering their so-called “Code Resellers” where such reseller shall pay Php15,000.00 (for the purchase of 75 codes with free 10 codes) which entitles him to distribute “codes” to the existing and/or new members for the availment of the company’s plans.
The aforementioned schemes involve the sale of securities to the public, the Securities Regulation Code (SRC) requires that these securities are duly registered and that the concerned corporation and/or its agents have appropriate registration and/or license to sell such securities to the public pursuant to Section 8 of the SRC.
Per records of the Commission, WORLD OF CAPTCHA is NOT registered either as a corporation or a partnership. Having no primary registration/corporate franchise, with more reason that it is NOT AUTHORIZED to solicit investments from the public since it has not secured prior registration and/or license from the Commission as prescribed under Sections 8 and 28 of the SRC.
Hence, those who act as salesmen, brokers, dealers or agents or claim to act as such for WORLD OF CAPTCHA in selling or convincing people to invest in the investment scheme being offered by said entity including solicitations and recruitment through the internet may 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, 19 March 2014).
The public is advised NOT TO INVEST or STOP INVESTING in any investment scheme being offered by any individual or group of persons allegedly for or on behalf of WORLD OF CAPTCHA and to exercise caution in dealing with any individuals or group of persons soliciting investments for and on behalf of it.
Violators are further warned that aside from the strict penalties imposed by the Commission for violations of the Securities Regulation Code, the Revised Corporation Code, and such other rules and regulation it enforces, the Bayanihan to Heal as One Act (Republic Act No. 11469) also punishes those participating in cyber incidents that make use or take advantage of the current Covid-19 crisis situation to prey on the public through scams, phising, fraudulent emails, or other similar acts.
Should you have any information regarding the operation of the subject entity, please call the Enforcement and Investor Protection Department at telephone numbers (02) 8818-6047 or send your report to the EIPD at email@example.com.
For the guidance of the public.
Pasay City, 7 May 2020.