The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on ONLINEBIZ, 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 Commission has received information that an individual or group of persons representing an entity named ONLINEBIZ/ONLINEBIZ E-COMMERCE are enticing the public to invest their money in the said entity with the promise of high monetary rewards or profits.
Based on reports and the information gathered and verified by the Commission, ONLINEBIZ/ONLINEBIZ E-COMMERCE is engaged in investmenttaking activity by offering a business opportunity with a minimum investment of Php19,000.00 and a promise of earning Php5,000.00 to Php50,000.00 weekly, with insurance plan and free travels.
The subject entity’s scheme appears to be similar to the investment scheme employed by ELITE ENTREP BLUE PRINT as described in the Advisory issued by the Commission on 27 February 2020. The Facebook page of ONLINEBIZ/ONLINEBIZ E-COMMERCE shows that it is also operating under the name ELITE ENTREP BLUE PRINT.
The public is hereby informed that ONLINEBIZ/ONLINEBIZ ECOMMERCE is not registered with the Commission and is not authorized to solicit investments from the public, not having secured prior registration and/or license to sell securities or solicit investments as prescribed under Section 8 of the Securities Regulation Code (SRC).
Everyone is reminded 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.
Those who act as salesmen, brokers, dealers or agents of the said entity in selling or convincing people to invest in the investment scheme it is being offered including soliciting investments or recruiting investors through the internet may be held criminally liable under Section 28 of the SRC and penalized with a maximum fine of Five Million Pesos (Php5,000,000.00) 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).
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 hereby advised to exercise caution in dealing with any individual or group of persons soliciting investments for and on behalf of ONLINEBIZ/ONLINEBIZ E-COMMERCE. The public is further advised NOT TO INVEST or to STOP INVESTING in the investment scheme being offered by the subject entity or its representatives.
Should you have any information regarding the operation of the subject entity, please call the Enforcement and Investor Protection Department (EIPD) at telephone number 8818-6047 or email at firstname.lastname@example.org or visit the EIPD at Ground Floor, North Wing Hall, Secretariat Building, PICC Complex, Pasay City.
For the guidance of the public.
Pasay City, 23 April 2020.