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Manila Bulletin devider devider SEC warns on online investment scam

SEC warns on online investment scam

Published Feb 22, 2018 12:00 am
By James A. Loyola The Securities and Exchange Commission (SEC) has issued a warning to the public against Unitynet Corporation which is seeking investors through the Internet even though it is not licensed to sell securities. “Based on the information communicated and gathered by the Commission, Unitynet, headed by Eduard Gary Salazar Reformina, allegedly sells the so-called “Ascending Profit System” (APS), an online automated system,” said the SEC. The APS contains 10 Steps Training Kit (allegedly worth P10,000.00); 1 on 1 Coaching (allegedly worth P10,000.00); Done for Your System (allegedly worth P20,000.00); Payment and Fulfilment System (allegedly worth P10,000.00); 
Sales Team (allegedly worth P10,000.00); and 30-Day Traffic Implementation Program or TIP (allegedly worth P10,000.00). Under the APS, members are allegedly trained on how to recruit or sponsor more downlines into his network marketing business, how one could sell products online effectively, and how one could promote his traditional business. Instead of paying the total amount of P70,000.00, the APS can be availed of for only P2,990.00. Unitynet claims that a member will earn P1,000.00 for every person he refers into the system. Likewise, the prospective investor is told that he can earn as much as P11,000.00 but he must join Unitynet right away because only limited slots are available. “The public is hereby informed that although Unitynet Corporation is registered with the Commission as a corporation, however, such primary registration… does NOT authorize it to offer, solicit, sell or distribute any investment/securities,” said the SEC. It added that, “those who act as salesmen, brokers, dealers or agents of Unitynet Corporation in selling or convincing people to invest in the investment scheme being offered by Unitynet Corporation including solicitations or recruitment through the Internet may likewise be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code and penalized with a maximum fine of P5 million or penalty of 21 years imprisonment or both…”
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