The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on ROYALE ONLINE GENERATION (ROG), 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.
The Commission has received information that individuals or group of persons representing an entity named ROYALE ONLINE GENERATION (ROG) are enticing the public to invest their money in the said entity with promise of high monetary rewards or profits.
Reports from the public show that ROG is the new name of RCASHONLINE, which has been the subject of an Advisory issued by the Commission on 30 June 2020. On the other hand, RCASHONLINE was previously reported to be managed by the same person or group of persons operating the ONLINEBIZ and the ELITE ENTREP BLUE PRINT, which have been the subjects of the Advisories issued by the Commission on 23 April 2020 and 27 February 2020, respectively.
ROG is claiming to be registered with the SEC under the business name ROYALE BUSINESS CLUB INTERNATIONAL INC. as shown below*:
ROG is enticing the public to invest through its product packages and promises a huge return of investment including P1M BPI insurance coverage, health insurance, travel incentives and cash bonuses.
It appears that the main strategy of the subject entity is to earn from recruitment, which is clearly unsustainable. Even if there are products involved, the scheme of ROG relies heavily on inviting people for a promise of high monetary rewards that can only be achieved through recruitment of more people to participate in the scheme. Its enticement/advertisement focuses on attracting people to earn huge amount of money rather than introducing the benefits or advantages of the products it offers.
The public is hereby informed that ROYALE ONLINE GENERATION (ROG) is not registered with the Commission and is not authorized to solicit investments from the public, not having secured prior registration and/or license to sell securities or solicit investments as prescribed under Section 8 of the Securities Regulation Code (SRC).
Those who act as salesmen, brokers, dealers or agents of the said entity in selling or convincing people to invest in the investment scheme it is being offered including soliciting investments or recruiting investors through the internet may be held criminally liable under Section 28 of the SRC and penalized with a maximum fine of Five Million Pesos (Php5,000,000.00) or imprisonment of Twenty One (21) years or both pursuant to Section 73 of the SRC (SEC vs. Oudine Santos, G.R. No. 195542, 19 March 2014).
Furthermore, 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.
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.
In view thereof, the public is hereby advised to exercise caution in dealing with any individual or group of persons soliciting investments for and on behalf of ROYALE ONLINE GENERATION (ROG)/RCASHONLINE/ONLINEBIZ/ELITE ENTREP BLUE PRINT. The public is further advised NOT TO INVEST or to STOP INVESTING in the investment scheme being offered by the subject entity or its representatives.
Should you have any information regarding the operation of the subject entity, please submit your report to the Enforcement and Investor Protection Department (EIPD) at email@example.com.
For the guidance of the public.
Pasay City, 28 July 2020.
* https://www.facebook.com/ROYALE.DISTRIBUTOR.JSM03/, accessed on 10 July 2020 thru Mozilla Firefox.