The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on CRISTIANO ALBERTO REAL ESTATE FUND (“CAREFUND”), 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.
Based on information gathered by the Commission, CHRISTIAN ALBERT GAZA, more popularly known as XIAN GAZA is enticing the public to invest their money in CRISTIANO ALBERTO REAL ESTATE FUND (“CAREFUND”).
According to their website carefund.net, CAREFUND is an international venture capital group under the leadership of Christian Albert Gaza, who is also a real estate financier in Southeast Asia and the Chief Executive Officer/Chief Investment Officer of SINDICATO CRISTIANO GROUP OF COMPANIES.
CAREFUND is composed of a 100-million-peso fund which is divided into 5,000 shares. Minimum amount of investment is Php 20,000 equivalent to (1) one share and maximum amount of investment is Php 1,000,000 equivalent to (50) fifty shares. This kind of deposit is similar to a time deposit or term deposit which has a lock-in period of 2 years or 24 months.
There are two ways to earn in CAREFUND, by common profit and preferred profit. Under common profit, no direct referral is required. Under preferred profit, there must be at least two direct referrals with at least one share each.
CAREFUND promises as high as 45% income plus return of capital for common profit after the lapse of two years. Income under common profit is more particularly described below:
On the other hand, CAREFUND promises as high as 75% income for preferred profit plus capital in two years and an annual dividend for five years. Income under preferred profit is more particularly described below:
Records of the Commission show that CAREFUND is not registered as a corporation, partnership or association. Likewise, CAREFUND is not authorized to offer its investment scheme to the public, which constitutes securities, without a registration statement duly filed with and approved by the commission under Section 8.1 of the Securities Regulation Code (SRC).
The aforementioned scheme offered by CAREFUND involves the offer and sale of securities to the public, the SRC requires that these securities are duly registered with the Commission and that concerned entity or its agents have appropriate registration and/or license to sell such securities to the public pursuant to Section 8 of the SRC.
Further, Section 28 of the SRC prohibits any person from engaging in the buying or selling of securities in the Philippines as a broker, dealer or salesman, or associated person of a broker or dealer.
In view thereof, the public is hereby advised to STOP INVESTING in this kind of investment activity and to take the necessary precautions in dealing with the above-named entity and/or its representatives.
Everyone is reminded 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 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.
Further, those who invite or recruit others to join or invest in such venture or offer 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).
Should you have any information regarding the operation of CAREFUND, please send your report to the Enforcement and Investor Protection Department at firstname.lastname@example.org.
For the guidance of the public.
Pasay City, 3 September 2020.