The Securities and Exchange Commission (SEC) has recently issued an advisory on TradeXpert Technology Information Services or TRADEXPERT, 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 promise 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 fraud and 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 TRADEXPERT/TradeXpert Technology Information Services is engaged in UNAUTHORIZED investment-taking activities.
TRADEXPERT/TradeXpert Technology Information Services headed by Catherine Ramirez Reyes, Rafaelito S. Ele and Mary Ann Reyes entices the public to join the company and invest a minimum of One Thousand Pesos (Php1,000.00) and promises 10% daily interest in 20 days (double your money in 20 days).
Based on the information gathered by the Commission, presented is the computation of the daily interest being offered by TRADEXPERT/TradeXpert Technology Information Services as shown in their Frequently Asked Questions.
TRADEXPERT/TradeXpert Technology Information Services also offers a Referral Program where investors can earn 10% referral bonus.
In addition, TRADEXPERT/TradeXpert Technology Information Services likewise offers Indirect Referral Bonus where investors can earn an additional 5% on every indirect referrals.
As 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.
The public is hereby informed that TRADEXPERT/TradeXpert Technology Information Services is NOT registered with the Commission either as a corporation or a partnership. However, TradeXpert Technology Information Services has been issued a Certificate of Business Name Registration on 03 January 2021 by the Department of Trade and Industry with Business Name No. 2371267 under the name of CATHERINE RAMIREZ REYES. Nonetheless, TRADEXPERT/TradeXpert Technology Information Services 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.
Likewise, its name DOES NOT APPEAR among the registered banks, exchanges or companies engaged in digital assets with the Bangko Sentral ng Pilipinas (BSP) in accordance with the GUIDELINES FOR VIRTUAL CURRENCY EXCHANGES (BSP CIRCULAR NO. 944) which requires all entities engaged in Virtual Currencies in the Philippines to obtain a Certificate of Registration to operate as remittance and transfer company pursuant to the BSP rules and regulations.
Further, TRADEXPERT/TradeXpert Technology Information Services 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.
Consequently, those who act as salesmen, brokers, dealers or agents of TRADEXPERT/TradeXpert Technology Information Services in selling or convincing people to invest in their investment schemes including solicitations or recruitment through the internet may likewise 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 maximum penalty of Twenty One (21) years 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).
In view thereof, the public is hereby advised to STOP INVESTING in the investment schemes being offered by any individual or group or persons allegedly for or on behalf of TRADEXPERT/TradeXpert Technology Information Services.
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.
Should you have any information regarding the operation of the subject entity, please call the Enforcement and Investor Protection Department at telephone numbers (02) 8818-6047 or send your report to the EIPD at email@example.com.
For guidance of the public.
Pasay City, 23 March 2021.