The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on E-WORK ONLINE DIGITAL MARKETING SERVICES, 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 E-WORK ONLINE DIGITAL MARKETING SERVICES (“EWORK”) headed by Mr. Bernard Gortina, are enticing the public to invest their money in said entity.
As posted online, ework is offering investments to the public by paying Php1,000.00 per account. A member may avail up to 31 accounts.
Remarkably, a member is entitled to an earning of not less than 156% in just 16 days. Below are the ways to earn:
- By watching videos, a member shall earn a total maximum of Php2,560.00 (per account) by watching a video, each video amounting to Php20.00 for a total of 8 videos per day, good for 16 days;
- By direct referral, where a member shall earn an unlimited direct referral bonus of Php100.00 for every referral;
- By matching/pairing where a member shall earn Php500.00 for every pairing in his/her structure. A maximum of 2 pairs per day shall be paid by the entity; and
- By recruitment where a member shall earn unilevel bonus of Php20.00 from the recruit
of his direct recruit up to the 10th level.
The aforementioned schemes involve the sale of securities to the public, the Securities Regulation Code (SRC) requires that these securities are duly registered and that the concerned corporation and/or its agents have appropriate registration and/or license to sell such securities to the public pursuant to Section 8 of the SRC.
Per verification, E-WORK ONLINE DIGITAL MARKETING SERVICES is inviting people to invest, essentially, under the same schemes used by I Earn 01 Trading Inc (iEarn).* E-WORK ONLINE DIGITAL MARKETING SERVICES is not registered either as a corporation or partnership with the Commission. Further, it is NOT AUTHORIZED to solicit investments from the public since it has not secured prior registration and/or license from the Commission as prescribed under Sections 8 and 28 of the Securities Regulation Code.
Hence, those who act as salesmen, brokers, dealers or agents or claim to act as such for E-WORK ONLINE DIGITAL MARKETING SERVICES in selling or convincing people to invest in the investment scheme being offered by said entity including solicitations and recruitment through the internet may be prosecuted and held criminally liable under Section 28 of the SRC 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 73 of the SRC.
Also, those who invite or recruit others to join or invest in such venture or offer investment contracts or securities to the public may incur criminally 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).
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 or on behalf of E-WORK ONLINE DIGITAL MARKETING SERVICES and to exercise caution in dealing with any individuals or group of persons soliciting investments for and on behalf of it.
Violators are further 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, phising, fraudulent emails, or other similar acts.
Should you have any information regarding the operation of the subject entity, please call the Enforcement and Investor Protection Department at telephone numbers (02) 8818-6047 or send your report to the EIPD at epd@sec.gov.ph.
For the guidance of the public.
Pasay City, 23 June 2020.
*Subject of an Advisory posted at the SEC website on 21 May 2020. (http://www.sec.gov.ph/wpcontent/uploads/2020/05/2020Advisoy_I-EARN-01-TRADING-INC.pdf)
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