The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on IELEV8 NETWORK, 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 extreme precautions 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 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 of person representing “IELEV8 NETWORK” and “IELEV8 HEALTH AND WELLNESS CO.” operated by a certain MARK JASON ALACAPA is offering online-investment opportunities.
Per record of the Commission, IELEV8 NETWORK is not registered in the Commission’s database as a corporation or partnership. On the other hand, IELEV8 HEALTH AND WELLNESS CO. is a registered partnership with SEC Registration No. PG202051360 issued on 5 March 2020. Both IELEV8 NETWORK and IELEV8 HEALTH AND WELLNESS CO. is not authorized to solicit investment from the public as the abovementioned entity did not secure prior registration and/or license to solicit investment from the Commission as prescribed under Section 8 of the Securities and Exchange Commission.
Based on information gathered by the Commission, in order to become a member, depending on the package availed of, one must pay an amount ranging from not less than 1,500 to 10,500 pesos, and promises a potential income ranging from 2,500 daily income to 225,000 monthly income thru selling Lean-C capsules and Detoxifier Herbal Milk Tea.
There are different ways to earn in IELEV8 NETWORK and IELEV8 HEALTH AND WELLNESS CO.
The public is hereby warned that such investment schemes are considered as securities subject to the regulatory authority of this Commission. The offering and selling of securities to the public without a permit or license is a violation of Section 8.1. of the Securities Regulation Code.
Please be advised that the Commission already posted at the landing page of our website, www.sec.gov.ph, the name of the entities that are authorized to offer securities/investments to the public. Entities not included in the list and that are conducting investment taking activities from the public are presumed to be in violation of Securities Regulation Code.
Accordingly, those who invite or recruit other people to join or invest in this venture or offer investment contracts or securities to the public may be held criminally liable under Section 28 of the SRC penalized with a maximum fine of Five Million Pesos (P 5,000,000.00) or imprisonment of Twenty One (21) years or both pursuant to Section 73 of the SRC (SEC vs. Oudine Santos G.R. No. 195542, 19 March 2014).
Violators are 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 crisis situation to prey on the public through scams, phishing, fraudulent emails, or other similar acts.
In view thereof, the public is hereby advised to exercise caution before investing in these kinds of activities and to take the necessary precautions in dealing with IELEV8 or its representatives.
Should you have any information regarding the operation of the subject entity, you may send your report to the Enforcement and Investor Protection Department at firstname.lastname@example.org
For the guidance of the public.
Pasay City, 30 April 2020.