Based on the information gathered by the Commission, a number of individuals or group of persons claiming to represent INOCHI/INOCHI REWARDS are enticing the public to invest their money in said entity.
Date Posted: 8 January 2020
Based on the information gathered by the Commission, a number of individuals orgroup of persons claiming to represent INOCHI/INOCHIREWARDSare enticing the public to invest their money in said entity.As posted online,INOCHI/INOCHI REWARDSis offering differentproduct packages which includethe following:According to these persons, in order for you to become a member and start earning, INOCHI/INOCHI REWARDSis offering four (4) options under its rewards system:1. Buy a Product Package of your choice;2. Earn Inochi Reward Points (IRP)on a monthly basis up to 12 months based on the Business Value (BV)of your chosen Product Package;3. Earn 10% on your referrals, based on the Business Value (BV)of the Product Packagethat will be chosen;4. Earn an Over Riding Commissions (ORC)for every repeat purchase of the members in your group up to the 10thlevel. (Amount of ORC will depend on the product purchased by the member).
Simply, an investor is entitled to receive passive income from the pool of investment gathered, while active income is acquired from recruitment bonuses.Per record of the Commission, INOCHI/INOCHI REWARDSis not registered either as a corporation or partnership. Further, itis NOT AUTHORIZEDto solicit investmentsfrom the public since it hasnot secured prior registration and/or license from the Commission as prescribed under Sections 8 and 28 of the Securities Regulation Code.Hence, those who act as salesmen, brokers, dealers or agentsor claim to act as such forINOCHI/INOCHI REWARDSin selling or convincing people to invest in the investment scheme being offered by saidentityincluding solicitations and recruitment through the internet may be prosecuted and held criminally liable under Section 28 of the SRC and penalized with a maximum fine of Five Million pesos (P5,000,000.00) or penalty of Twenty-one (21) years of imprisonment or both pursuant to Section 73 of the SRC. Also, those who invite or recruit others to join or invest in such venture or offer investment contracts or securities to the public may incur criminally liability, or otherwise be sanctioned or penalized accordingly as held by the Supreme Court in the case of Securities and Exchange Commission vs. Oudine Santos (G.R. No. 195542, 19 March 2014).Furthermore, the names of all those involved will be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed.The public is advised NOT TO INVESTor STOP INVESTINGin any investment scheme being offered byany individual or group of persons allegedly for or on behalf of INOCHI/INOCHI REWARDSandto exercise caution in dealing with any individuals or group of persons soliciting investments for and on behalf of it.Should you have any information regarding any investment solicitation by any individuals or group of individuals representingINOCHI/INOCHI REWARDSplease call the Enforcement and Investor Protection Department (EIPD) at telephone numbers (02) 8818-6047 and (02) 8818-6047 or send your report to the EIPD at email@example.comFor the guidance of the public.23December2019