The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on RAGING BUSINESS CONSULTANCY 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 information gathered by the Commission, individuals and groups of persons representing RAGING BUSINESS CONSULTANCY SERVICES (RBCS) owned and operated by Malaya Dava Platero, a.k.a. Malaya Gemma Platero, are engaged in investment-taking activities not authorized by the Commission.
RBCS entices the public by recruiting them to become their business partner through its so-called FUND ACCUMULATOR PROGRAM with a guaranteed return of 1% per day or 30% per month depending on the capital shared, i.e. minimum of Php5,000 to Php1,000,000 for the contract period of 12 months or 360 days.
Further, the company also offers different ways to earn extra income with RBC, these are the following:
1. Direct Referral Bonus equivalent to 5% - six months;
2. Indirect Referral Bonus 1% (2nd to 5th level) – one time only;
3. Generation Income 0.1% (6th to 10th level) – 12 months ; and
4. Gift Voucher 10% every month – 6 months.
The scheme of RBCS 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 RBCS 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 of the SRC.
Per records of the Commission, RBCS is not registered as a corporation or partnership. However, it has been issued a Certificate of Business Name Registration on 11 May 2020 by the Department of Trade and Industry under Business Name No. 1692495. Nonetheless, it 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.
Further, RBCS 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.
Accordingly, 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.
Hence, those who act as salesmen, brokers, dealers or agents or claim to act as such of RBCS 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.
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 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).
Further, 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 RAGING BUSINESS CONSULTANCY SERVICES and exercise caution in dealing with any individuals or group of persons soliciting investments or recruiting investors for and on behalf of RAGING BUSINESS
CONSULTANCY SERVICES.
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 RAGING BUSINESS CONSULTANCY SERVICES, please send your report to the ENFORCEMENT AND INVESTOR PROTECTION DEPARTMENT at epd@sec.gov.ph.
For the guidance of the public.
15 September 2020.
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