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Manila Bulletin devider Business devider SEC warns vs BNY PAL, One 1Key

SEC warns vs BNY PAL, One 1Key

Published Jan 4, 2024 05:15 am

The Securities and Exchange Commission (SEC) has issued advisories to the public against dealing with BNY PAL (Benta Paluwagan) and One 1Key Progress Booster (OKPB) Inc. due to their unauthorized solicitation of investments without the necessary license from the Commission.

The SEC said BNY PAL offers different "paluwagan" slots and income for different time-maturity periods, without computation or matrix on how much income is given per amount invested.

It entices the public to invest by promising a minimum of 30 percent profit in just 10 days.

Based on the Commission’s database, BNY PAL is not registered as a Corporation or a Partnership with the Commission nor has it secured prior registration or license to solicit investments from the Commission.

It added that, “the scheme employed by BNY PAL has the characteristics of a ‘Ponzi Scheme’ where monies from new investors are used in paying ‘fake profits’ to prior investors and is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent members in case of scarcity of new investors.”

“The offering and selling of securities in the form of investment contracts using the ‘Ponzi Scheme’ which is fraudulent and unsustainable, is not a registrable security,” the SEC added.

Meanwhile, the SEC said OKPB entices the public to invest in its so-called "Powed Apps Marketing Business" by registering for a fee of P1,000.
Once registered, a member then needs to invest P5,000 to be entitled to a 50 percent return on income in just 15 days.

An investor-member may also invest P100,000 to avail of a 300 percent to 400 percent profit in just 5 to 10 days.

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.

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

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BNY PAL One 1Key Progress Booster Securities and Exchange Commission
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