The Securities and Exchange Commission (SEC) is warning the public against investing in unauthorized activities such in the guise of cryptocurrency trading and online selling.
In separate advisories, the Commission urged the public to exercise caution in dealing with Forsage, RCashOnline and The Saint John of Jerusalem Knights of Malta Foundation of the Philippines, Inc.
Forsage, which is headed by Lado Okhotnikov, is not duly registered with the SEC and lacks the necessary license to solicit, accept or take investments from the public or issue investment contracts and other forms of securities.
RCashOnline, which claims to represent Royale Business, is likewise not registered as a corporation or a partnership. It neither possesses a secondary license to solicit investments from the public.
Meanwhile, the certificate of registration of Saint John of Jerusalem Knights of Malta Foundation has been revoked as early as February 3, 2003 for non-compliance with its reportorial requirements.
Accordingly, the SEC warned the public against placing money in Forsage and RCashOnline, and joining in any scheme operated by The Saint John of Jerusalem Knights of Malta Foundation.
A maximum fine of ₱5 million or imprisonment of 21 years or both await those who act as salesmen, brokers, dealers or agents of entities engaged in unauthorized investment schemes, for violation of Republic Act No. 8799, or The Securities Regulation Code Securities Regulation Code, among others.
Republic Act No. 11469, or the Bayanihan to Heal As One Act, also punishes those participating in cyber incidents that make use or take advantage of the current crisis arising from the COVID-19 outbreak to prey on the public through scams, phishing, fraudulent emails, or other similar acts.