SEC Facebook

In response to numerous reports received by the Commission regarding the
activities of
PA
IDTUNES,
the Commission wishes to inform the public that
PAIDTUNES
is
NOT REGISTERED
as a corporation
or partnership
and is
NOT AUTHORIZED
to
solicit, accept or take investments from the public nor to issue investment contracts and
other forms of securities defined under Section 3 of the Securities Regulation Code
(SRC) since it does not have a secondary l
icense issued by the Commission to solicit
investments or other securities from the public for whatever purpose as prescribed
under Sections 8 and 28 of the SRC.
PAIDTUNES
is a mobile application that can be downloaded from Google Play
Store. In
itially, subscribers need to register t
hrough
the app or through the
ir
website
at
www.paidtunes.com
,
choose
their
desired package
,
the
n
they
can start earning
by
watching
videos
and listening to music while rating t
hem.
Based on information gathered by the Commission, the subscription packages of
PAIDTUNES
are as follows:
1.
Access worth
₱
1,620.00;
2.
Access Lite worth
₱
4,050.00;
3.
Access Plus worth
₱
9,000.00;
4.
Access Pro worth
₱
22,500.00;
5.
Premium worth
₱
45,000.00 and
6.
Premi
um Plus
₱
67,500.00
.
Subscribers get paid from $0.5 up to $1 depending on the package availed
of
by
watching
video
s
for at least five (5) seconds while rating them. Further, subscribers
may withdraw their earnings through the following withdrawal gateways
viz.,
Payeer,
Perfect Money, Coinpayments
and
Coinbase.
Subscribers can also earn $0.5 up to
$7.50 daily per referral. They
can only
withdraw their earnings if they
earn
$20
in their
account.
The scheme of
PAIDTUNES
partakes
of the nature
of
offering and s
ale of
securities in the form of investment contracts to the public
.
The scheme of
PAIDTUNES
partakes
that
of
offering and sale of securities, in the
form of investment contracts to the public
.
T
he Securities Regulation Code (SRC) requires that
the
offe
r and sale of
securities must be duly registered with the Commission and that the concerned entity
and/or its agents should have the appropriate registration and/or license to sell such
securities to the public.
Further, the scheme employed by
PAIDTUNES
,
shows indication of a possible
“Ponzi Scheme”
where
monies from new investors 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.
The offering and selling of securities in the form of investment contracts using
the
“Ponzi Scheme”
which is fraudulent and unsustainable, is
NOT
a registrable
security. The Commission will not issue a License to Sell Securitie
s to the Public to
persons or entities that are engaged in this business or scheme.
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
PAIDTUNES.
The public is further advised
NOT TO INVEST
or
STOP INVESTING
in
any investment scheme being offered by aforesaid entities/individuals.
Those who act as salesmen, brokers, dealers or agents of
PAIDTUNES
,
in selling
or convincing people to invest in the i
nvestment scheme being offered by the said entity
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 th
e appropriate penalties and/or taxes be
correspondingly assessed.
Should you have any information regarding the operation of
PAIDTUNES
,
and its
representatives,
please send your report
to the Enforcement and Investor Protection
Department (EIPD) at
epd@sec.gov.ph
.
For the information and guidance of the public.
Pasay City, 11 January 2022