The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on JOCALS688 BEAUTY AND WELLNESS PRODUCTS TRADING, INC., warning the public of the individuals and groups involved in such activities. The advisory defines the activities behind the scheme, and advises the public not to invest or stop investing in any investment scheme offered by the said company. Furthermore, SEC ordered the company and its officers or representatives to cease and desist from further engaging in activities of selling or offering sales of securities and investment contracts until the required registration is duly filled and approved by the Commission.
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.
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The Commission has received information that an individual or group of persons representing an entity named JOCALS688 BEAUTY AND WELLNESS PRODUCTS TRADING, INC. (JOCALS688) with principal address located at 2nd Floor Frylles Building, corner Mabini and Bianca Sts., Molave, Zamboanga del Sur, 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, JOCALS688 BEAUTY AND WELLNESS PRODUCTS TRADING, INC. is engaged in investment-taking activity by offering an investment of up to One Hundred Thousand Pesos (PhP100,000.00) with a minimum investment of Ten Thousand Pesos (PhP10,000.00). An investor is assured that even without any effort on his/her part, a 30% monthly return is guaranteed.
On the other hand, one could be a member for an amount of Three Thousand Nine Hundred Eighty Pesos (PhP3,980.00) that would entitle him/her to a monthly return of 30%. The membership fee is inclusive of one (1) bottle of juice, one (1) box of coffee and one (1) bottle of food supplement.
The scheme employed by the subject entity offers five (5) different ways to earn money, to wit: (1). Direct Selling; (2). Direct Referral Bonus; (3). Pairing Bonus; (4). Unilevel Bonus; and (5). Buy and Earn. With the referral link of JOCALS688, one can recruit a member and earn Five Hundred Pesos (PhP500.00) for every
successful registered account.
Further study of JOCALS688’s marketing plan shows that even if there are products involved, the scheme relies heavily on inviting people for a promise of high monetary rewards that can only be achieved through recruitment of more people to participate in the scheme.
Verification from the Food and Drugs Authority (FDA) shows that the products being distributed by the subject company, such as JOCALS GLUTA GLOW Powdered Drink Mix, JOCALS Green Coffee and JOCALS Vitamin C are not FDA-registered and the company JOCALS688 BEAUTY AND WELLNESS PRODUCTS TRADING, INC. has no License to Operate from FDA-Center for Food Regulation and Research.
Records of the Commission show that JOCALS688 BEAUTY AND WELLNESS PRODUCTS TRADING, INC. is registered with the SEC on 09 October 2019 under Company Registration No. CS201965099. However, such registration grants juridical personality to the corporation but does not authorize it to issue, sell or offer for sale securities to the public nor to undertake business activities requiring a secondary license from the Commission.
The public is hereby informed that JOCALS688 BEAUTY AND WELLNESS PRODUCTS TRADING, INC. 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 JOCALS688 BEAUTY AND WELLNESS PRODUCTS TRADING, INC.
The public is further advised NOT TO INVEST or to STOP INVESTING in the investment scheme being offered by the subject company 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 epd@sec.gov.ph or visit the EIPD at Ground Floor, North Wing Hall, Secretariat Building, PICC Complex, Pasay City.
For the guidance of the public.
Pasay City, 14 April 2020.
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