SEC Facebook

Based on information gathered by the Commission
,
an
e
n
tity
utilizing
numerous websites and
operating under the name
IMMEDIATE EDGE
i
s
soliciting
investments in the Philippines
WITHOUT
THE NECESSARY LICENSE AND/OR
AUTHORITY
from the Commission.
To wit:
IMMEDIATE EDGE
appears to have been
created by a certain
individual using
the pseudonym
EDWIN JAMES
and
is
notorious
for using fake celebrity endorsement
similar to
the modus of
BITCOIN REVOLUTION
.
As posted online,
IMMEDIATE EDGE
claims that it is
the world’s most
intelligent cryptocurrency software
which
can be use
d
to
conveniently
buy and sell
cryptocurrencies
.
Seemingly
,
for a minimum investment of Two Hundred Fifty Dollars (USD
250.00),
IMMEDIATE EDGE
promises to
find and complete the best trading deals for
its investors
on different trading platforms
available
with a success rate
as high as
98.9%
per transaction
resulting to a
potential
income of Nine Hundred Fifty Dollars
(USD 950) to
Two Thousand Two Hundred Dollars
(
USD
2
,
200
.00
)
or 380% to 780%
increase
in profit
daily which is
certainly
“
t
oo good to be
t
rue
.
”
As shown
online
:
Thus
, the public is again warned
of such possible
“
Ponzi Scheme
”
similarly
devised
like
other
cryptocurrency scams
already flagged by the Commission.
Again,
despite
their
claim
of
legitimacy,
it must be
emphasized
that
the scheme
of
IMMEDIATE EDGE
as well as those
the Commission has already identified as
probable scams are
relative to the offering and s
elling
of securities, in the form of
investment contracts, to the public
due to
their
promise of passive income.
As such, the
Securities Regulation Code
(SRC) requires that said offer and sale
of securities must be duly registered with the Commission
and that the concerned
corporation and/or its agents have appropriate registration and/or license to sell such
securit
ies to the public
.
However,
based on our records,
IMMEDIATE EDGE
is
NOT
REGISTERED
with the Commission and is
NOT AUTHORIZED
to solicit, accept or take
investments/placements from the public nor to issue investment contracts and other
forms of securities
defined under Section 3 of the Securities Regulation Code (SRC)
.
IMMEDIATE EDGE
is
also
NOT INCLUDED
among the registered banks,
exchanges or companies engaged in digital assets with the Bangko Sentral ng
Pilipinas (BSP) as well in accordance with the
GUI
DELINES FOR VIRTUAL
CURRENCY EXCHANGES
(
BSP CIRCULAR NO. 944
)
.
Neither
are
there
any records and/or registration pertaining to
EDWIN JAMES
,
its supposed
developer
and operator.
Likewise, the Comisión Nacional del Mercado de Valores of Spain (CNMV)
has
issued a public warning against
IMMEDIATE EDGE
for violations of the Securities
Markets Law.
A
ccordingly
, the
public is
advised
NOT TO INVEST
or
STOP INVESTING
in
any scheme offered by
IMMEDIATE EDGE
or any
other entities
using the same
cookie
cutter
scheme
in digital asset trading
which promises ridiculous rates of return with
little or no risk
.
Once more, t
he public
is reminded
that
cryptocurrencies are very volatile
in
nature
and
that the process of
digital asset trading is highly speculative and
involves
a higher degree of risk
.
Hen
ce, any promise of fixed
–
rate
lucrative return is
truly
suspicious
.
Therefore, the public must remain vigilant
especially during this Covid
–
19
p
andemic
before investing their hard
–
earned monies on
doubtful
entities
suc
h as
IMMEDIATE EDGE
.
Nevertheless, the Commission assures the public that it
will
continuously
monitor
and oversee such entities and their activities in a way that it sees as proper in
order to prevent the proliferation of
their
unauthorized
and/
or illegal
operations
in the
country.
A
s always
, the Commission warns
all unscrupulous individuals and/or entities
t
hat
strict penalties are imposed
for v
iolat
ions of
the
Securities Regulation Code,
the Revised Corporation Code, and such other rules and r
egulation enforce
d by
the Commission
.
T
hose who act as salesmen, brokers, dealers or agents of
such unauthorized
entities
in selling or convincing people to invest in the
ir
investment scheme
offered
including solicitations and recruitment through the internet may
likewise be criminally
prosecuted
and penalized with a
maximum fine of Five Million pesos
(P5,000,000.00) or a penalty of Twenty
–
one (21) years of imprisonment or both
pursuant to Section
s 28
and
73 of the SRC.
In the same manner, t
hose who invite or recruit others to join or invest in such
venture or offer investment contracts or securities to the public
ma
y incur criminally
liability, or otherwise be sanctioned or penalized accordingly
as
held
by the Supreme
Court in the case of
S
EC
vs. Oudine Santos
(G.R. No. 195542, 19 March 2014).
T
he names of all those involved will
also
be reported to the Bureau of Internal
Revenue (BIR) so that the appropriate penalties and/or taxes be assessed
corre
spondingly.
Apart there
from
,
the
Bayanihan to Heal as One Act
(
Republic Act No. 11469
)
also punishes those participating in cyber incidents that make use or take advantage
of the current crisis situation to prey on the public through scams, phishing,
fraudulent
emails, or other similar acts.
It must be noted that the above laws are not aimed to hinder or pose significant
threats or
risk
s
to businesses and cryptocurrency projects
but
are intended for the
protection of both the registered entities and t
he investing public from any anomalies
and/or irregularities which tend to result from any unlawful or unauthorized operations.
Should you have any information regarding any investment solicitation activity
by any individual or group of individuals repres
enting
IMMEDIATE EDGE
, please send
your report to the EIPD at epd@sec.gov.ph.
For the guidance of the public.
Pasay City,
22
September
2020