DAVAO CITY—The Securities and Exchange Commission (SEC) office here has warned the public against another illegal investment scheme that promises huge returns.
The SEC identified the operator of the scheme as JC Pro Global Trading. The agency said the entity did not have legal authority to solicit investments.
The commission issued the warning on June 24. It said the entity was already engaged in investment-taking activities through its “compensation plan (complan).” Based on the group’s online posts, the SEC described the “complan” as requiring “an investment of P500 per account with a P50 income daily or P1,000 in 20 days. The investment can be between P500 and P100,000.”
“Aside from the profits of the account owners, they are also offered a 50-percent direct commission from new accounts.”
The SEC said JC Pro Global Trading’s scheme is an investment contract because it involves the offering and sale of securities to the public where their investors need not exert any effort other than to invest in the scheme to earn money.
Based on reports it has gathered, the SEC said JC Pro Global Trading has a “system apparently designed to ‘take care of everything’ which includes trading, buying and selling of cryptocurrency which provides daily income and a guaranteed profit of at least 200 percent in 20 days or double-your-money in 20 days which provides a no-risk investment because profits are assured.”
The entity is headed by one Jameskie Earl Cornelio, also known as Jaypee Halili, it added.
The SEC added that JC Pro Global Trading has tapped the social media site, Facebook, to post campaign materials “to lure more investors.”
The entity is assuring its investors that its scheme is successful because its “system” will do the trading.
The commission alleged that the investment scheme of the entity is a Ponzi scheme as it takes money from the public to invest it to generate high returns but in reality, the entity merely pays the initial investors with the money paid by subsequent ones.
“This investment-taking scheme cannot be sustained and will inevitably result in the collapse of the business,” it added.
Last month, the SEC issued advisories against six more investment scams. In May, it warned against another investment scheme initiated by two persons who were linked to four investment scams three years ago.
Last year, the SEC issued advisories against 20 investment schemes.