The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on ECOLIFE BIZ, 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 the information gathered by the Commission, a number of individuals or group of persons claiming to represent ECOLIFE BIZ/ISHARED ECOLIFE/ISHARED TECHNOLOGIES ECOLIFE are enticing the public to invest their money in said entities.
Remarkably, Ecolife promises members availing a package ranging from 1,000.00 up to 10,000.00 that they would earn 60% thereof, i.e., P600.00/P6,000.00 per 7 days/cycles.
Investigation disclosed that members of the organization are directed to use and create an account in its website: https://www.isharedtech.com/login or http://www.tuverr.com/login.
Below are the ways to earn:
1. Earn P600 pesos every 7days/cycle:
2. Direct referral
3. Incentives such as smartphones/cars.
Evidently, what was being offered by the company is actually the potential of earning income, ultimately through direct recruitment or through recruitment of others. The income that is promised to its investors or the expected profit of the investors does not come from the outcome of a legitimate business activity.
Further, the aforementioned schemes involve the sale of securities to the public, the Securities Regulation Code (SRC) requires that these securities are duly registered 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 verification records of the Commission showed ECOLIFE BIZ/ISHARED ECOLIFE/ISHARED TECHNOLOGIES ECOLIFE is not registered with this Commission either as a corporation or as a partnership.
Meanwhile, FRESHECOLIFE WATER REFILLING STATION is DTI-registered with Certificate No. 1179242 issued on 10 September 2019.
Records of the Commission showed that ECOLIFE BIZ/ISHARED ECOLIFE/ISHARED TECHNOLOGIES ECOLIFE and FRESHECOLIFE WATER REFILLING STATION have not been issued secondary license by this Commission.
Hence, those who act as salesmen, brokers, dealers or agents or claim to act as such for ECOLIFE BIZ/ISHARED ECOLIFE/ISHARED TECHNOLOGIES ECOLIFE and FRESHECOLIFE WATER REFILLING STATION in selling or convincing people to invest in the investment scheme being offered by said entity 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 (P5,000,000.00) 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 criminally 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).
The public is advised NOT TO INVEST or STOP INVESTING in any investment scheme being offered by any individual or group of persons allegedly for or on behalf of ECOLIFE BIZ/ISHARED ECOLIFE/ISHARED TECHNOLOGIES ECOLIFE and FRESHECOLIFE WATER REFILLING STATION and to exercise caution in dealing with any individuals or group of persons soliciting investments for and on behalf of it.
Should you have any information regarding the operation of the subject entity, please send your report to the Enforcement and Investor Protection Department at epd@sec.gov.ph.
For the guidance of the public.
Pasay City, 28 July 2020.
-------------------------------------------------
You can visit this link for more safety tips for your Coins.ph account. If you have any further questions, you may reach out to us at help@coins.ph.
