The Securities and Exchange Commission (SEC) has warned the public against investing in two firms, one of which is offering a “paluwagan” scheme.
In an advisory, the SEC said investors should avoid Mengay Benta Slot Paluwagan or Nyu Meng’s Paluwagan headed by Neomi Grace de Guzman-Hernandez and Wisteria Lane as represented by Danielle Lance Alarcon.
As posted online, Hernandez is offering investments to the public in the form of paluwagan slots or cash benta slots.
Individuals may invest a minimum of P1,000. Based on one of the posted slots, it is offering an income of up to 210 percent to 225 percent in just 15 days.
The SEC said the slots with names, such as “complan megan,” “complan ice tea,” “complan sabon,” etc., has income but with inconsistent maturity periods.
“There is no certain computation or matrix on how much income is given per amount invested.”
The agency said an investment contract exists when 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 which is prominent in the scheme of the paluwagan.
The SEC said its database showed that the company is not registered with them as a corporation or partnership.
Wisteria Lane, meanwhile, offers its accommodation with amenities through its Facebook page and the Airbnb application or website. It is currently offering two units located at Azure Urban Resort Residences in Paranaque.
As posted online, the company is offering investments to the public ranging from P30,000 up to P500,000. Investors are entitled to 5 percent off on daily rates in all of the Airbnb at Azure, P2,500 to P50,000 shared income every month from the Airbnb business and its “other businesses” and a 5- percent commission for every successful referral.
Investors earn a monthly income of 5 percent and a contract with a lock-in period of six months from the date of signing. It provides options of payout through bank transfer or postdated checks.
Wisteria Lane is not registered with the SEC both as a corporation or a partnership, the agency said.
The operations of the two firms have the characteristics of a Ponzi scheme where money from new investors is 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.
