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SEC warns against dealing with Fortune Wave

Business | The Stock Market

SEC warns against dealing with Fortune Wave

By James A. Loyola

SEC Chairman Francis Lim

SEC Chairman Francis Lim

The Securities and Exchange Commission has advised the public against dealing with Fortune Wave Solution Hub OPC, Fortune Wave Trading, and Fortune Wave Trading PH, as these firms are not authorized or licensed to solicit investments.

The group has been found by the SEC to be offering schemes marketed as "low-risk ventures with high-yield returns." Under the schemes, the group requires a minimum investment ranging from ₱1,000 to ₱30,000, with promised returns between 3 percent to 330 percent.

“Such actions resemble a Ponzi scheme, where investors earn through the contribution of new members instead of the sale of actual products/services,” according to the SEC.

Upon verification by the SEC, Fortune Wave Solution Hub OPC was found to be registered as a one-person corporation, but it does not have a secondary license to offer or sell securities to the public.

Meanwhile, Fortune Wave Trading and Fortune Wave Trading PH were not registered as corporations with 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,” the SEC said.

Related Tags

Securities and Exchange Commission Fortune Wave Solution Hub OPC Fortune Wave Trading

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