The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on RCASHONLINE, 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 RCASHONLINE are enticing the public to invest their money in the said entity with the promise of high monetary rewards or profits.
Information gathered from reports received by the Commission shows that RCASHONLINE entices the public to invest by offering a business opportunity through the following packages: (i) Starter Package: PhP18,660.00 for 1 account; (ii) Business Package: PhP55,980.00 for 3 accounts; and (iii) Elite Package: PhP130,620.00 for 7 accounts. The Elite Package is said to include a PhP1M insurance.
Likewise, reports revealed that RCASHONLINE is representing Royale Business and that Royale products are included in the abovementioned packages. It was emphasized that the member-investor will earn through recruitment rather than selling/reselling of products.
Below are screenshots of some Facebook (FB) posts of its enticement:
Further investigation online shows that RCASHONLINE is employing the same schemes and is being managed by the same person or group of persons operating the ONLINEBIZ and the ELITE ENTREP BLUE PRINT, which have been the subjects of the Advisories issued by the Commission on 23 April 2020 and 27 February 2020, respectively.
It appears that the main strategy of the subject entity is to earn from recruitment, which is clearly unsustainable. The scheme of RCASHONLINE 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. Its enticement/advertisement focuses on attracting people to earn huge amount of money rather than introducing the benefits or advantages of the products it offers.
The public is hereby informed that RCASHONLINE 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).
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.
Violators are further warned that aside from the strict penalties imposed by the Commission for violations of the SRC, the Revised Corporation Code of the Philippines, 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 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 RCASHONLINE. 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, 30 June 2020.