The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on CROWDBIT-88.COM, 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 information gathered by the Commission, individuals and groups of persons representing CROWDBIT-88.COM (CROWDBIT-88) owned and operated by Hazel Tesoro Figueroa, a.ka. Hazel Taguinod Figueroa are engaged in investmenttaking activities not authorized by the Commission.
CROWDBIT-88 entices the public by recruiting them to become members through its so-called Invest Wait and Earn (IWE) Crowdfunding Bit In Bit Out.
There are 2 complans of Crowdbit-88, the first is Crowdbit Original where you can invest for as low as Php100 and earn 200% ROI for 15 days Lock-in Program.
In this complan, there are different ways to earn extra income such as:
(1) Direct Selling;
(2) Direct Referral Bonus of 5%:
(3) Indirect Referral Bonus of 10% (from the 2nd up to the 10th level); and
(4) Unilevel Bonus.
The second complan is Crowdbit Binary where the minimum investment is Php1,000 with 200% ROI for 15 days Lock-in Program.
Crowdbit Binary complan also offers different ways to earn such as:
1. Direct Referral Bonus where you will get Php50.00 for every new account sales under your referral link. (Note: Add account of your downline all Direct referral Bonus goes to upline).
2. Matching Bonus where you will get Php100.00 for every match sales under your structure - 1 left and 1 right (Note: Matching Bonus is limited to 5 pairs a day per account equivalent to Php500.00 for safety net of the company)
3. Indirect Referral Bonus where you will get Php10.00 for every account activated under your downline starting from the 2nd level up to 10th level (Note: Account is deactivated once income is withdrawn after 15 days. Reactivate your account for continuous earnings.)
The scheme of CROWDBIT-88 involves the offering and sale of securities in the form of Investment Contracts to the public because the investors need not exert any effort other than to invest or place monies in CROWDBIT-88 in order to generate income.
Since said scheme involves the sale of securities to the public, the Securities Regulation Code (SRC) requires that these securities are duly registered with the Commission 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 8.1 and
28.1 of the SRC.
Per records of the Commission, CROWDBIT-88 is not registered as a corporation or partnership. However, CROWDBIT-88 BEAUTY PRODUCTS TRADING has been conferred Certificates of Business Name Registration under BNN 198635 and 1984028 issued to Hazel Taguinod Figueroa/Hazel Tesoro Figueroa both on July 20, 2020.
Nonetheless, CROWDBIT-88 is not authorized to solicit investments from the public as it did not secure prior registration and/or license to solicit investments from the Commission as prescribed under Section 8 of the Securities and Exchange Commission.
Moreover, CROWDBIT-88 is also NOT REGISTERED either as a crowdfunding intermediary or a funding portal under SEC Memorandum Circular No. 14, Series of 2019 or the Rules and Regulations Governing Crowdfunding.
Consequently, the Commission warns all unscrupulous individuals and/or entities that strict penalties are imposed for violations of the Securities Regulation Code, the Revised Corporation Code, and such other rules and regulation enforced by the Commission.
Therefore, those who act as salesmen, brokers, dealers or agents or claim to act as such of CROWDBIT-88 in selling or convincing people to invest in the investment scheme being offered by said entities 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 (Php5,000,000.00) or penalty of Twenty-one (21) years of imprisonment or both pursuant to Section 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).
In addition, 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.
In view thereof, the public is advised NOT TO INVEST or STOP INVESTING in any investment scheme being offered by CROWDBIT-88 and exercise caution in dealing with any individuals or group of persons soliciting investments or recruiting investors for and on behalf of CROWDBIT-88.
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.
Should you have any information regarding any investment solicitation by any individuals or group of individuals on behalf of CROWDBIT-88, please send your report to the ENFORCEMENT AND INVESTOR PROTECTION DEPARTMENT at epd@sec.gov.ph.
For the guidance of the public.
Pasay City, 22 September 2020.
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