The public is hereby informed that RCASHONLINE is not registered with the Commission and is not authorized to solicit investments from the public, not having secured prior registration and/or license to sell securities or solicit investments as prescribed under Section 8 of the Securities Regulation Code (SRC).
Date Posted: 30 June 2020
The Commission has received information that an individualor group of persons representing an entity named RCASHONLINE are enticing the public to invest their money in the said entity with the promise of high monetary rewards or profits.Information gathered from reports received by the Commission shows that RCASHONLINE entices the public to invest by offering a business opportunity through the following packages: (i) Starter Package:PhP18,660.00 for 1 account; (ii) Business Package:PhP55,980.00 for 3 accounts; and (iii) Elite Package:PhP130,620.00 for 7 accounts. The Elite Package is said to include a PhP1M insurance.Likewise, reports revealed that RCASHONLINE is representing Royale Businessand that Royale products are included in the abovementioned packages. It was emphasized that the member-investor will earn through recruitment rather than selling/reselling of products.Below are screenshots of some Facebook (FB) posts of its enticement:Furtherinvestigation online shows that RCASHONLINE is employing the same schemes and is being managed by the same person or group of persons operating theONLINEBIZandtheELITE ENTREP BLUE PRINT, which have been the subjects of the Advisories issued by the Commission on 23 April 2020and27 February 2020, respectively.It appears that the main strategy of the subject entity is to earn from recruitment, which is clearly unsustainable. The scheme of RCASHONLINE relies heavily on inviting people for a promise of high monetary rewards that can only be achieved through recruitment of more people to participate in the scheme. Its enticement/advertisement focuses on attracting people to earn huge amount of money rather than introducing the benefits or advantages of the products it offers.
The public is hereby informed that RCASHONLINEisnot registered with the Commission and isnot authorized to solicit investmentsfrom the public, not having secured prior registration and/or license to sell securities or solicit investments as prescribed under Section 8 of the Securities Regulation Code (SRC).Those who act as salesmen, brokers, dealers or agents of the said entity in selling or convincing people to invest in the investment scheme it is being offered including soliciting investments or recruiting investors through the internet may be held criminally liable under Section 28 of the SRC and penalized with a maximum fine of Five Million Pesos (Php5,000,000.00) or imprisonment of Twenty One (21) years or both pursuant to Section 73 of the SRC (SEC 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.Violators are further warned thataside from the strict penalties imposed by the Commission for violations of the SRC, the Revised Corporation Codeof the Philippines, and such other rules and regulations it enforces, 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 onthe public through scams, phishing, fraudulent emails, or other similar acts.In view thereof, the public is hereby advised to exercise caution in dealing with any individual or group of persons soliciting investments for and on behalf of RCASHONLINE.The public is further advised NOT TO INVESTor toSTOP INVESTINGin the investment scheme being offered by the subject entityor its representatives.Should you have any information regarding the operation of the subject entity, please call the Enforcement and Investor Protection Department(EIPD)at telephone number 8818-6047 or email at email@example.com visit the EIPD at Ground Floor, North Wing Hall, Secretariat Building, PICC Complex, Pasay City. For the guidance of the public.Pasay City, 30June2020