The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on IMMEDIATE EDGE, 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, an entity utilizing numerous websites and operating under the name IMMEDIATE EDGE is soliciting investments in the Philippines WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY from the Commission. To wit:
IMMEDIATE EDGE appears to have been created by a certain individual using the pseudonym EDWIN JAMES and is notorious for using fake celebrity endorsement similar to the modus of BITCOIN REVOLUTION.
As posted online, IMMEDIATE EDGE claims that it is the world’s most intelligent cryptocurrency software which can be used to conveniently buy and sell cryptocurrencies.
Seemingly, for a minimum investment of Two Hundred Fifty Dollars (USD 250.00), IMMEDIATE EDGE promises to find and complete the best trading deals for its investors on different trading platforms available with a success rate as high as 98.9% per transaction resulting to a potential income of Nine Hundred Fifty Dollars (USD 950) to Two Thousand Two Hundred Dollars (USD 2,200.00) or 380% to 780% increase in profit daily which is certainly “too good to be true.” As shown online:
Thus, the public is again warned of such possible “Ponzi Scheme” similarly devised like other cryptocurrency scams already flagged by the Commission.
Again, despite their claim of legitimacy, it must be emphasized that the scheme of IMMEDIATE EDGE as well as those the Commission has already identified as probable scams are relative to the offering and selling of securities, in the form of investment contracts, to the public due to their promise of passive income.
As such, the Securities Regulation Code (SRC) requires that said offer and sale of securities must be 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.
However, based on our records, IMMEDIATE EDGE is NOT REGISTERED with the Commission and is NOT AUTHORIZED to solicit, accept or take investments/placements from the public nor to issue investment contracts and other forms of securities defined under Section 3 of the Securities Regulation Code (SRC).
IMMEDIATE EDGE is also NOT INCLUDED among the registered banks, exchanges or companies engaged in digital assets with the Bangko Sentral ng Pilipinas (BSP) as well in accordance with the GUIDELINES FOR VIRTUAL
CURRENCY EXCHANGES (BSP CIRCULAR NO. 944).
Neither are there any records and/or registration pertaining to EDWIN JAMES, its supposed developer and operator.
Likewise, the Comisión Nacional del Mercado de Valores of Spain (CNMV) has issued a public warning against IMMEDIATE EDGE for violations of the Securities Markets Law.
Accordingly, the public is advised NOT TO INVEST or STOP INVESTING in any scheme offered by IMMEDIATE EDGE or any other entities using the same cookie cutter scheme in digital asset trading which promises ridiculous rates of return with little or no risk.
Once more, the public is reminded that cryptocurrencies are very volatile in nature and that the process of digital asset trading is highly speculative and involves a higher degree of risk. Hence, any promise of fixed-rate lucrative return is truly suspicious.
Therefore, the public must remain vigilant especially during this Covid-19 pandemic before investing their hard-earned monies on doubtful entities such as IMMEDIATE EDGE.
Nevertheless, the Commission assures the public that it will continuously monitor and oversee such entities and their activities in a way that it sees as proper in order to prevent the proliferation of their unauthorized and/or illegal operations in the country.
As always, 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.
Those who act as salesmen, brokers, dealers or agents of such unauthorized entities in selling or convincing people to invest in their investment scheme offered including solicitations and recruitment through the internet may likewise be criminally prosecuted and penalized with a maximum fine of Five Million pesos (P5,000,000.00) or a penalty of Twenty-one (21) years of imprisonment or both pursuant to Sections 28 and 73 of the SRC.
In the same manner, 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 SEC vs. Oudine Santos (G.R. No. 195542, 19 March 2014).
The names of all those involved will also be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be assessed correspondingly.
Apart therefrom, 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.
It must be noted that the above laws are not aimed to hinder or pose significant threats or risks to businesses and cryptocurrency projects but are intended for the protection of both the registered entities and the investing public from any anomalies and/or irregularities which tend to result from any unlawful or unauthorized operations.
Should you have any information regarding any investment solicitation activity by any individual or group of individuals representing IMMEDIATE EDGE, please send your report to the EIPD at firstname.lastname@example.org.
For the guidance of the public.
Pasay City, 22 September 2020.