The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on FIL-INVEST, 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.
The Securities and Exchange Commission (“Commission”) has received information that individuals or group of persons representing a FACEBOOK ACCOUNT NAMED “FIL-INVEST,” are offering investment opportunities to the public.
Based on verification conducted, the FIL-INVEST subject of this SEC Advisory is NOT IN ANY WAY RELATED TO OR CONNECTED WITH THE LISTED COMPANY, FILINVEST DEVELOPMENT CORPORATION (FDC), AND ANY OF ITS SUBSIDIARIES INCLUDING FILINVEST LAND, INC. (FLI) AND EAST WEST BANKING CORPORATION (EWBC) NOR THEY HAVE ANY AFFILIATION THERETO.
According to the information gathered, the public is invited to invest to earn passive income ranging from 5% to 20% monthly return. Apparently, the pooled investments are used by the group to finance their gambling activities, particularly, in playing Baccarat:
Based on the records of the Commission, FIL-INVEST is not registered in the Commission’s database as a corporation or partnership and is not authorized to solicit investments from the public as the above-mentioned entity did not secure prior registration and/or license to solicit investments from the Commission as prescribed under Section 8 of the Securities Regulation Code.
The public is hereby informed that such investment schemes is considered as securities and therefore subject to the regulation of the Commission. The offering of sale of such securities to the public without a permit or license is a violation of Section 8.1 of the Securities Regulation Code.
Accordingly, those who invite or recruit other people to join or invest in this venture maybe held criminally 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, 19 March 2014).
Further, 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, phishing, fraudulent emails, or other similar acts.
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 and in behalf of FIL-INVEST and to exercise caution in dealing with any individuals or group of persons soliciting investments for and on behalf of said entity.
The Commission urges anyone who has knowledge or information about any business transactions involving these securities or investment opportunities to report such activities to the Enforcement and Investor Protection Department at firstname.lastname@example.org so that appropriate actions could be taken.
For the guidance of the public.
Pasay City, 05 May 2020.