SEC Facebook

This ADVISORY is prompted by reports and information gathered by the
Commission
that
individuals
or
group
of
persons
representing
WALLETPAYS/WalletPays
are
enticing the public, through social
media platform or
through their own independent websites to invest in said entity.
WALLETPAYS/WalletPays
is a mobile application that can be downloaded in
GOOGLE PLAYSTORE.
According to its website
(https://m.walletpays.app/register
)
,
WALLETPAY
S/WalletPays
“
let’s you earn by completing daily task such as data entry,
campaigns and video ads. But, first, you should register and verify your account. You
wil
l
then proceed to complete the presented tasks daily and the amount automatically credited
to
your account. You
will
then be able to withdraw when your balance reaches the
minimum threshold according to
Terms and
Conditions.
”
As posted on
its
Website, invest
ors can join
by registering first, then
they
can
choose from any of the
following
nine
(9)
Subscription Plans
with corresponding tasks
b
y simply watching videos:
(1) Enhanced Plan worth Php1,591.34;
(2) Premier Plan worth Php3,644.69;
(3) Signature
Plan wo
rth Php7,75137;
(4) Business Plan worth Php13,911.41;
(5) Centurio
n Plan worth Php28,284.82;
(6) Platinum Plan worth Php46,764.91;
(7) Bluecard Plan worth Php88,242.46;
(8) Associate Plan worth Php287,416.84;
and
(9)
Influencer
Plan worth Php
574,885.02:
The investor can earn from
Php2,423.76 up to Pph13
1,791.95
monthly
depending on their subscription plan. An investor can also earn
5%
up to
15%
from
referral bonus.
Briefly, an “
investment contract”
exists when there is an investment or placement
of money in a common enterprise with a reasonable expect
ation of profits to be derived
from
the
efforts
of
others
which
is
prominent
in
the
scheme
of
WALLETPAYS/WalletPays.
As such, the Securities Regulation Code (SRC) requires that said offer 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.
Based on the Commission’s database,
WALLETPAYS/WalletPays,
is
NOT
REGISTERED
as a corporation or partnership
an
d
OPERATES WITHOUT THE
NECESSARY
LICENSE
AND/OR
AUTHORITY
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)
.
Fu
rther, the scheme employed by
WALLETPAYS/WalletPays
,
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 Securities to the Public to
persons or entities that are engaged in this business or scheme.
The public is advised
NOT TO INVEST
or
to
STOP INVESTING
in
any investment
scheme being offered by any individual or
group of persons allegedly for or on behalf of
WALLETPAYS/WalletPays
as well as to any other entities
having the
SAME
or
SIMILAR SCHEMES
and to exercise caution in dealing with any individuals or group of
persons soliciting investments for and on behalf of
it.
Those
who
act
as
salesmen,
brokers,
dealers
or
agents
of
WALLETPAYS /WalletPays
,
in selling or convincing people to invest in the investment
scheme being offered by the said entity including soliciting investments or recruiting
investors through the i
nternet 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.
Should
you
have
any
information
regarding
the
operat
ion
of
WALLETPAYS /WalletPays
,
and its representatives,
please send your report through
email at epd@sec.gov.ph
For the information and guidance of the public.
Pasay City, 11 January
2022