By JAMES A. LOYOLA
The Securities and Exchange Commission (SEC) advised the public to exercise due diligence before investing to avoid falling into a scammer’s trap, as it named four more groups engaged in unauthorized investment-taking activities.
In separate advisories, the Commission warned the public against dealing with individuals or groups representing and promoting the Bayanihan Program of Billy Ford Andrada, My Gold Rev/ My Gold Rev Philippines, Friend$hip/ Friend$hip Philippines and World of Captcha (WOC).
Bayanihan Program, My Gold Rev, Friend$hip and WOC have not registered securities such as investment contracts nor secured the necessary licenses to solicit and take in¬vestments from the public, as required under Republic Act No. 8799, or The Securities Regulation Code.
In this light, the SEC advised the public against investing in Bayanihan Program, My Gold Rev, Friend$hip and WOC, which have not even registered as corporations or partnerships with the Commission.
Under its Bayanihan Program, Andrada solicits a minimum investment of ₱2,000 and promises a 50 percent return plus a 5 percent direct referral bonus.
To entice more investors, Andrada ran promotions for a 15 percent direct commission and a ₱300 bonus for every investment of ₱2,000 amid the quarantine measures implemented to contain the COVID-19 pandemic.
The SEC earlier identified a certain Billy Ford Delos Santos Andrada as the owner of Billford Trading and Bill Ford VIP Trading, Inc., whose investment-solicitation activities in the guise of a piggery business have been the subject of an earlier advisory.
My Gold Rev, meanwhile, offers business plans for $20 to $100,000. Investors may supposedly earn a daily profit of 2 percent to 3.5 percent for 80 to 100 days, or a 260% to 450% return on investment.
Friend$hip, on the other hand, collects a subscription fee of $7.99 or ₱385. Members receive $1 for every referral in the first to the fifth levels of their network.
Friend$hip recently launched its second investment option: a subscription plan with landing page at $11 or ₱935. Under this plan, investors may earn $1 per successful referral and another $1 per purchased landing page up to the fifth level.