The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on ACT MACHINERIES, warning the public of the individuals and groups involved in the entity. The advisory states that the entity has no authority to engage in any kind of lending activities, and advises the public to avoid or stop participating in any kind of credit activities conducted by the said entity and its representatives.
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 Securities and Exchange Commission (the “Commission”or “SEC”)has encountered that an entity named ACT MACHINERIES appears to be engaged in the lending business.
Based on the records of the Commission, ACT MACHINERIES is not registered as a corporation or as a partnership with the SEC. Likewise, it does not have a Certificate of Authority to Operate as a Lending/Financing Company. Hence, said entity has no authority to engage in any kind of lending activities. Republic Act No. 9474, otherwise known as the Lending Company Regulation Act of 2007(LCRA),and Republic Act No. 8556, or the Financing Company Act of 1998(FCA), provide that no lending or financing company shall conduct business unless granted authority by the Commission.
Likewise, the LCRA and FCA prohibit the act of holding out as a lending or financing company, or representing oneself as such, through advertisements in whatever form without authority from the Commission.
In view of the foregoing, the public is hereby advised to avoid or stop participating in any kind of credit activities conducted by ACT MACHINERIES and dealing with any individual representing it.
The public may report any information about ACT MACHINERIES and other similar cases to the Department at cgfd_md@sec.gov.ph. For the guidance of the public.
Pasay City, 24September2020.
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