THE Securities and Exchange Commission (SEC) has warned the public not to invest in “Alao/Alao Investment Platform,” “The Wealthwise International Management OPC” and CCO Media Philippines/Clear Channel Outdoor Asia Corp. as these entities offer illegal investment products to the public.
Alao Investment claims it is a crowdfunding investment company with an office located at New York City in the US. It is actively enticing the public to invest into its projects, such as “wind harvest,” real estate investments and “Zenni” home, in exchange for a promise of high profits and monetary rewards, the SEC said in an advisory issued on September 14. Each of these projects has a variety of investment plans. The minimum investment under its basic plan is P100 and up to P100,000 for the master plan.
“Accordingly, a person who invests can earn 2 percent for 5 days and 5 percent for a period of 30 days, depending on the project chosen to invest in. Aside from that, the investor is also entitled to receive a monetary reward of P6,000 as a senior partner every time he recruits two new investors to also become as senior partners,” the SEC said.
The SEC said “Alao Investment” is not registered as a corporation or partnership and operates without the necessary license to solicit, accept or take investments from the public.
“Wealthwise,” meanwhile, is enticing the public to invest through its Facebook page or its web page. It is offering investments to the public with a minimal amount of P500 to a maximum of P384,000, with three compensation plans. The entity promises investors to earn up to 15 percent for 15 days for a “quick plan,” 40 percent for 14 days for a “smart plan” and 100 percent in 28 days for a “wise plan.” Investors are also promised earning 10-percent “direct-referral bonus” and a “uni-level bonus” equivalent to 10 percent.
According to the SEC, CCO Media’s investment scam activities involve the use of an application by offering investment products called original equity funds ranging from P200 to P1 million, in exchange for daily returns ranging from 3 percent up to 50 percent, depending on the level of investment.
Clear Channel USA claims that CCO Media and Clear Channel Outdoor Asia Corp. has misappropriated its name, trademark and intellectual property rights without its authority.
Both Wealthwise and CCO Media, the SEC said, showed either dubious records or does not have the authority to sell investment products.
The SEC said the Financial Products and Services Consumer Protection law (Republic Act 11765) prohibits investment fraud, defined as any form of deceptive solicitation of investments from the public. The latter includes Ponzi schemes and such other schemes involving the promise or offer of profits or returns sourced from the investments or contributions made by the investors themselves and the offering or selling of investment schemes to the public without a license or permit from the SEC.
