SEC Facebook

This
DISCLAIMER
–
ADVISORY is prompted
by numerous reports, inquiries,
including
post
s
and videos
circulating
on social media
and video
–
sharing sites
where it
has been made to appear that
MIN
ING CITY
or variations of its name such as
, among
others,
PROPHETEK MININGCITY, OPC
and other entities connected with it
,
have
completed the SEC company
registration
process or have
in fact been
registered with
the
Commission
.
This
is apparently an
effort by individuals or group of persons to mislead the
public using such false representations to create a semblance of legality to the
operations of
MINING CITY
for the purpose of enticing the public to inv
est in its scheme
which was subject of an AD
VI
SORY issued by the Commission on September 10, 2020.
Hence
,
c
ontrary to these claims and for the guidance and information of the
public, per record
s
of the Commission,
MINING CITY, PROPHETEK MINING CITY, OPC
or any variation
of
such name
using the root
word
MINING CITY
or any entity
connected with it,
are
NOT REGISTERED
with the Commission.
Likewise, contrary to said false representations,
MINING CITY, PROPHETEK
MIN
ING CITY, OPC
or any variation
of such name
using the root word
MINING CITY
or
any enti
ty connected with it
,
have
not been issued a secondary license
to solicit
investments or offer securities to the public for whatever purpose as provided
under Sections 8 and 28 of the SRC.
As such,
MINING CITY, P
ROPHETEK MIN
ING CITY, OPC
or any entity r
elated
to
MINING CITY
, are
NOT AUTHORIZED
to solicit,
offer,
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).
T
he public
should
likewise
be made aware that the issuance of a Certificate of
Incorporation only grants entities juridical personality but does not constitute an
authority or license for the corporation to engage in activities that require a secondary
license from
the SEC such as a
Permit/
License to
Offer and
Sell Securities to the Public.
Further, the offering and sell
ing
of securities in the form o
f investment contracts
with badges of a
“Ponzi Scheme
,
”
which is
inherently
fraudulent and unsustainable, is
NOT a r
egistrable security
. The Commission will not issue a
Permit/
License to
Offer
and
Sell Securities to the Public to persons or entities that are engaged in this business
or scheme.
A
“Ponzi Scheme”
is a scam that involves a scheme where monies from
new inv
estors are 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.
T
he
public is
again
advised
NOT TO INVEST
o
r
STOP INVESTING
in any scheme
offered by
MINING CITY
or such other entities engaged in
offering securities or
smart
contracts,
cryptocurrencies and digital asset trading
that are not registered with the
Commission and the B
angko Sentral ng
P
ilipinas
.
Any
public offering or solicitation of investment
s
in the Philippines wi
thout a
prior license or permit from the SEC is strictly prohibited by law and may be penalized
by imprisonment and/or fine.
Accordingly, the Commission warns all unscrupulous individual
s and/or entities
that
strict penalties are imposed for violations of the Securities Regulation Code,
the Revised Corporation Code, and such other rules and regulation enforced by
the Commission.
Those who act as salesmen, brokers, dealers or agents of
s
uch unauthorized
entit
ies
like the operators of the FB Page
MINING CITY PHILIPPINES
, BITCOIN VAULT
INTERNATIONAL
and
Bitcoin Vault Philippines
in selling or convincing people to
invest in their investment scheme offered including solicitations and recruitm
ent
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 Sections 28 and 73 of the SRC.
Should you hav
e any information regarding any investment solicitation activity
by any individual or group of individuals representing
MINING CITY
, and those
spreading FALSE information that
MINING CITY
or any entity related to it,
has
successfully registered and/or obta
ined a secondary license from the Commission,
please send
your report to the EIPD at epd@sec.gov.ph.
For the guidance of the public.
Pasay City,
29
October
2020