The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on IPAYOUTWEEKLY, 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.
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Based on the Information gathered by the Commission, a number of Individuals or group of persons claiming to represent IPAYOUTWEEKLY headed by its CEO Mr. REYMARK MABULAC CALLOS, are enticing the public to invest their money in the said entity.
To start an online venture with IPAYOUTWEEKLY, an individual may avail of their entry package worth 1,000 pesos per slot with a maximum of 31 slots. 1,000 pesos turns to 1,400 pesos in just 7 days which is equivalent to a 40% income based from the amount invested.
After paying for the chosen entry package, a member can now have access to its services and bonuses feature which can be opened through its website at www.ipayoutweekly.net.
Below are the different ways to earn:
- First, a member can earn 50 pesos per day by solving puzzles;
- Second is through direct referral where a member can earn 100 pesos for every referral;
- Third is through their reward system where a member earns 1 raffle point with a chance to earn cash prizes, gift certificates, gadgets, motorcycle, food cart and down payment for a brand new car;
- Fourth is through online advertisements where a member earns 10% for every time a referral uploads an advertisement;
- Fifth is by playing E-games which is optional for members;
- Sixth is through uploading advertising photos where a member earns 10% whenever a referral uploads a photo and 5% when a referral atthe second and third level uploads a photo; and
- Lastly is through the binary system where a member earns 100 pesos for every pairing bonus.
Allegedly, IPAYOUTWEEKLY is registered with the Department of Trade and Industry (DTI) with the business name of IP WEEKLY ADVERTISING SERVICES under the name of Mr. REYMARK MABULAC CALLOS. However, per records of the Securities and Exchange Commission, IPAYOUTWEEKLY is not registered with the Commission as a corporation or partnership and has no secondary license to solicit, accept or take investments/placements from the public nor issue investments contracts and other forms of securities defined under Section 3 of the Securities Regulation Code (SRC).
As the aforementioned scheme involves the offer and sale of securities to the public, the Securities Regulation Code (SRC) requires that these securities are duly registered with the Commission and that concerned entity or its agents have appropriate registration and/or license to sell such securities to the public pursuant to Section 8 of the SRC.
In view thereof, the public is hereby advised to stop investing in the investment scheme being offered by IPAYOUTWEEKLY and its representatives or any entities engaged in investment schemes which promises ridiculous rates of return with little or no risk or show any other indications or characteristics of a Ponzi Scheme.
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 regulations 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 addition, those who act as salesman, brokers, dealers or agents of IPAYOUTWEEKLY in selling or convincing people to invest in the investment scheme being offered by said entity including solicitations and recruitment through the internet may likewise be criminally prosecuted 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 28 and 73 of the SRC.
Further, those who invite or recruit others to join or invest in such venture or offer investment contracts or securities to the public may incur criminal 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).
Should you have any information regarding the operation of IPAYOUTWEEKLY or any investment solicitation activity by any individual or group of individuals representing IPAYOUTWEEKLY, please send your report to the Enforcement and Investor Protection Department at epd@sec.gov.ph.
For the guidance of the public.
Pasay City, 28 May 2020.
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