The Securities and Exchange Commission (SEC) has flagged three more groups, including one pretending to be US investment bank Morgan Stanley, that are offering investment schemes even though they have not secured the necessary permits.
In several advisories, the SEC advised the public against dealing with Hope Advertisement Marketing or Hope Financial Market OPC; Multi-Asset Solution, Multi-Asset Financial Consultancy Services, or JBF & Gainz Philippines Founder; and Morgan Stanley Investment Firm Elinyapp, Eliny-PH.com, or Eliny_App due to their unauthorized solicitation of investments without the necessary license.
The Commission said the Eliny group "impersonates the leading American NYSE-listed global financial services firm, Morgan Stanley.”
The SEC said it claims that it is an App owned by Morgan Stanley, which provides real-time investment based on the port container shipping index.
It offers prospective investors a guaranteed 50 percent daily profit for a P500 up to P1,500 investment, a 10 percent referral bonus, and a daily salary of P350 up to P6,500.
Meanwhile, Hope Advertisement or Hope Financial entices the public to invest online in a lock-in short-term or long-term investment plan for as low as P1,000 for a 20 percent guaranteed profit in eight days, up to P50,000 for a 160 percent guaranteed profit in 40 days.
“However, prospective investors must note that this entity is not engaged in any legitimate business that would generate legitimate income,” the SEC said.
On the other hand, the Multi-Asset/JBF group solicits investment from the public, purportedly to be invested in several income-generating activities such as heavy equipment rentals, cryptocurrency trading through different online trading platforms, casino VIP financing, and land development, and whose business names were not divulged.
The SEC added that the group entices the public to invest in three plans with a guaranteed profit of 30 percent up to 200 percent within seven to 25 days, respectively.
“Some of these groups' investment schemes or 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,” according to the SEC.