The Securities and Exchange Commission (SEC) is warning the investing public against dealing with America Mall-PH and Robinson Company due to their unauthorized solicitation of investments without the necessary license.

The SEC issued advisories against the two firms that are enticing the public to invest in their investment schemes known as “Tasking and Recharging,” where the public is offered online jobs by performing certain tasks with the promise of receiving monetary rewards or commissions.

Accordingly, once a certain task is completed, the investor will be given another task to perform for the same promise of receiving higher commissions, and where additional funding or recharging from the victim is necessary to withdraw their earnings.

“Tasking and Recharging Scheme involves the offering and sale of securities in the form of ‘investment contracts’ as defined under Section 3.1 of the Securities Regulation Code,” the SEC noted.

It added that “an investment contract exists in Tasking and Recharging Scheme as there is an investment or placement of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.”

As such, the SEC said, “the Securities Regulation Code (SRC) requires that said offer and sale of securities must be duly registered with the Commission and that the concerned entity and its agents should have the appropriate registration and license to sell such securities to the public.”

The two firms have also been found to use a fake certificate of incorporation to make it appear that they are legitimate.

The Tasking and Recharging scheme also indicates a possible pyramid or Ponzi scheme, where investors earn through recruitment fees instead of the sale of actual products or services, and investors are paid using the contribution of new members, according to the SEC.

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