The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on Quick Option, 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.
This Advisory is prompted by information gathered by the Commission on QUICK OPTIONS which is being operated by individual/s under the pseudonym “PRINCE TOH REEZ”.
Chat conversations, QUICK OPTIONS appears to be the new name under which ETHMARKET LLC/ ETHMARKET LLC PH. is operating after an Advisory was posted on ETHMARKET LLC/ETHMARKET LLC PH. Both QUICK OPTIONS and ETHMARKET LLC/ETHMARKET LLC PH. are being operated by an individual or individuals hiding behind the pseudonym “PRINCE TOH REEZ.”
Based on Facebook (FB) postings, the QUICK OPTIONS Trading Platform has two (2) main packages which it is using to entice the public to invest in the said entity, namely: the (1) Bearish package; and (2) Bullish package. Every entry in these packages are stated to have an expected income of two hundred percent (200%) at the end of the investment duration which is usually seven (7) days for a minimum amount of Ten Dollars ($10.00) deposit to a maximum of up to Four Hundred Dollars ($400.00) deposit and investors can also earn bonuses from direct referrals.
Accordingly, the scheme of QUICK OPTIONS involves the offering and sale of securities, in the form of investment contracts, to the public. Hence, the said offer and sale of securities must be duly registered with the Commission and that the concerned corporation and/or its agents must have appropriate registration and/or license to sell such securities to the public in accordance with Section 8 of the Securities Regulation Code (SRC).
However, per record of the Commission, QUICK OPTIONS and its operator, PRINCE TOH REEZ are NOT REGISTERED as a corporation or partnership with the Commission and have NO SECONDARY LICENSE to solicit, accept or take investments/placements from the public nor to issue investment contracts and other forms of securities defined under Section 3 of the Securities Regulation Code (SRC).
In view thereof, the public is hereby advised to STOP INVESTING in the investment scheme being offered by QUICK OPTIONS and its representatives or any entities engaged in investment schemes which promises ridiculous rates of return with little or no risks or show any other indications or characteristics of a Ponzi Scheme.
The public must be wary that any promise of ridiculous rates of return with little or no risks is an indication of a Ponzi Scheme where monies from new investors are used in paying fake “profits” to earlier investors. Also, any promise that defies the normal financial logic is surely unreliable and sketchy.
The public is also advised to be wary of entities being operated under various pseudonyms which tend to hide the identity of the true operators of the scheme and those who change the name/s of the entities involved after the posting of a SEC Advisory or when investors suddenly fail to receive their pay outs. These are common signs of a SCAM.
The public should be vigilant and smart when it comes to investing their hard earned money and not be easily swayed or fooled by easily created fancy looking websites with pictures and images which can easily be copied from the internet portraying unverified trading or business activities and social media posts of individuals claiming to have earned huge amounts of profits from their investments which can likewise be easily fabricated.
It must be clear that entities engaged in such activities likely tend to disappear shortly to the prejudice of their stakeholders.
Consequently, the Commission encourages the public to be prudent in making or placing their monies on these entities especially during this pandemic.
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 addition, those who act as salesmen, brokers, dealers or agents of QUICK OPTIONS 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 Sections 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 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 names of all those involved will also be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed.
The Commission will also not hesitate to report violators to the National Bureau of Investigation (NBI) for violation of the Cybercrime Prevention Act, the Bayanihan to Heal as One Act (Republic Act No. 11469) and other violations related to their fraudulent activities.
Should you have any information regarding the operation of QUICK OPTIONS or any investment solicitation activity by any individual or group of individuals representing QUICK OPTIONS, please send your report to the Enforcement and Investor Protection Department at firstname.lastname@example.org
For the guidance of the public.
Pasay City, June 23, 2020