The Securities and Exchange Commission has issued an advisory to warn the public against dealing with five firms who are engaged in unauthorized solicitation of investments without the necessary license from the Commission.

These firms are PPG Investment Group/Conamor Shop, LiveWell Multi-Ventures, BlackRock, PERFX Solution Corporation/Trading Basket/Trading Philippnes, and FlipKart/FlipKart Platform/FlipKart Company.

“These groups have been found to be engaging in unauthorized investment-taking activities by borrowing capital from investors, using said capital to allegedly buy products, then selling said products to consumers, and finally giving back the profits to the investors,” said the SEC.

These firms also promise investors fixed earnings or pose as legitimate investment websites and mobile applications; send emails, fax, or letters to the victims and requiring them to pay an "advance fee" before receiving a significant share of a large sum of money; or pose as legitimate and reputable financial institutions.

“Such actions resemble a pyramid/Ponzi scheme, where investors earn through recruitment fees instead of the sale of actual products/services, and investors are paid using the contribution of new members,” said the SEC.

The SEC noted that, it had previously issued a warning against investing in Trading Cartel but it is now operating as PERFX, Trading Basket or Trading Philippines but all are under Jephone Ofreneo Canlas or Japhon Canlas.

It added that, “The Commission remains unwavering in its efforts to stamp out illegal investment-taking activities through financial literacy campaigns and advisories to the public.”