SEC Facebook

Based on information gathered by the Commission
,
the
e
n
tities
operating
under the name
s
LEARN and EARN ONLINE
,
247
CRYPTOTRADING FX
,
247
CRYPTOTRADE ONLINE
,
EXCHANGESTOCK
,
BINARY OPTION
S
TRAD
ING
,
and
WOLVES OPTIONS
are
soliciting investments in the Philippines
WITHOUT
THE
NECESSARY LICENSE AND/OR AUTHORITY
from the Commission.
LEARN and EARN ONLINE
operates from
Kenya
and
appears to be
acting as
trading
broker for
247 CRYPTOTRADING FX
,
247 CRYPTOTRADE ONLINE
,
EXCHANGESTOCK
,
BINARY OPTION
S TRADING
and
WOLVES OPTIONS
which
are said to be based
in United Kingdom
,
through the assistance of its
representatives
using apparent
synthetic or fraudulent identities
,
namely:
CONFIDENCE FRIDAY
,
IDONG UMOREN
,
DIMA VIAD SASHA
,
ITZ SMART LIVINUS
,
LAWRENCE
PATRICIA
, and
LAWAN MUHAMAD MLS
, among others
.
To wit
:
As advertised
online,
LEARN and EARN
ONLINE
is offering free seminars
and
tutorials on how to invest
i
n crypto
currencies and foreign exchange
online. As shown:
As part of its scheme,
LEARN and EARN ONLINE
will also lure
the public to
invest i
n
247 CRYPTOTRADING FX
,
247 CRYPTOTRADE
ONLINE
,
EXCHANGESTOCK
,
BINARY OPTION
S TRADING
and
WOLVES OPTIONS
with
the promise
of
lucrativ
e returns with little or no risk
.
The
ir
compensation plans
or
schemes
are as follows:
247 CRYPTOTRADING FX
247 CRYPTOTRADE ONLINE
EXCHANGESTOCK / BINARY OPTIONS TRADING
WOLVES OPTIONS
Based on the foregoing
, it appears that the said entities
are
using
the same
design
or cookie
–
cutter
interface for their websites
and
are
offering “
too good to be
true
” inves
tment opportunities
ranging from 18% to 1000% income per week
which
are indications of
a
possible “
Ponzi Scheme
”
where returns to early investors are
likely to be paid out from the investments of new investors and not out of the
companies’ profits.
It
must be emphasized
that
the
offering and sale of securities in the form of
investment contracts using the
“Ponzi Scheme”
is fraudulent and unsustainable and
is
NOT a registrable security
.
The Commission will NOT ISSUE a License to Sell
Securities to the Pu
blic
to persons or entities that are engaged in this business
or scheme
.
Thus, t
he public is
being
warned of s
uch probable scams. Please be informed
that
LEARN and EARN ONLINE
,
247 CRYPTOTRADING FX
,
247 CRYPTOTRADE
ONLINE
,
EXCHANGESTOCK
,
BINARY OPTIONS
TRADING
, and
WOLVES
OPTIONS
are
NOT
REGISTERED
with the Commission and
are
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)
in the Philippines
.
Also, please note that they have
no known
operators
and none of their
agents,
representative,
and/or members
have
appropriate registra
tion and/or license to
offer
or
sell
securities to the public
as well.
Our records likewise show that
247 CRYPTOTRADING FX
,
247
CRYPTOTRADE ONLINE
,
EXCHANGESTOCK
,
BINARY OPTIONS TRADING
, and
WOLVES OPTIONS
manages its digital exchange platform
without proper
registration
s
with the Commission relative to Section 32
of the SRC on the “Prohibition
on Use of Unregistered Exchange
.
Moreover,
NONE OF THESE ENTITIES
ARE
INCLUDED
among the
registered banks, exchanges or companies engaged in digital assets with the Bangko
Sentral ng Pilipinas (BSP)
in accordance with its
GUIDELINES FOR VIRTUAL
CURRENCY EXCHANGES
(
BSP CIRCULAR NO. 944
)
.
Hence, the
public is advised
NOT TO INVEST
or
STOP INVESTING
in any
scheme offered
by
LEARN and EARN ONLINE
,
247 CRYPTOTRADING FX
,
247
CRYPTOTRADE ONLINE
,
EXCHANGESTOCK
,
BINARY OPTIONS
TRADING
, and
WOLVES OPTIONS
or any of their affiliates
and
to
exercise due diligence
before
investing in any other entities that offer investments promising ridiculous and/or fixed
rate of return with little or no risk.
T
he 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 regulation enforce
d by the
Commission
.
T
hose who act as salesmen, brokers,
dealers or agents of
unauthorized entities
in selling or convincing people to invest in the
ir
investment scheme
offered
including
solicitations and recruitment through the internet
like
CONFIDENCE FRIDAY
,
IDONG
UMOREN
,
DIMA VIAD SASHA
,
ITZ SMART LIVINUS
,
L
AWRENCE PATRICIA
, and
LAWAN MUHAMAD MLS
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.
Similarly
, t
hose who invite or recruit others to join or invest in such venture or
offer investment contracts or securities to the public
like
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
correspond
ingly.
As always, i
t 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 the investing public from any
anomalies and/or irregularities which tend to result from any unlawful
and/
or
unauthorized operations.
The public is also reminded that
the issuance of a
Cer
tificate 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
Commission
such as a License to Sell Securities to th
e Public
.
Should you have any information regarding any investment solicitation activity
by any individual or group of individuals representing
LEARN and EARN ONLINE
,
247 CRYPTOTRADING FX
,
247 CRYPTOTRADE ONLINE
,
EXCHANGESTOCK
,
BINARY OPTIONS TRADING
, and
WOLVES OPTIONS
including
CONFIDENCE
FRIDAY
,
IDONG UMOREN
,
DIMA VIAD SASHA
,
ITZ SMART LIVINUS
,
LAWRENCE PATRICIA
, and
LAWAN MUHAMAD MLS
, please send your report to
the EIPD at epd@sec.gov.ph.
For the guidance of the public.
Pasay City,
15
April
2021