BIOGLOW LAUNDRY SHOP
Posted 05 October 2018

SEC ADVISORY

 

The Commission has received information that individuals or group of persons representing BIOGLOW LAUNDRY SHOP (“BIOGLOW”) are enticing the public to invest in the said entity online or through the internet.

 

Based on the information gathered by the Commission, BIOGLOW is engaged in soliciting investments where an investor must invest either:  1) in a main branch, amounting to Two Thousand Five Hundred Pesos (Php2,500.00) per one percent (1%) share or; 2) in a satellite branch amounting to Two Thousand Pesos (Php2,000.00) per one percent (1%) share. An investor may own entirely either a main or satellite branch by investing either Php250,000.00 or Php200,000.00, as the case maybe.

 

An investor shall be given an option where to invest in a particular place and shall earn proportionate income based on the income generated by the branch or satellite where such investor made his investment. BIOGLOW will manage the business from the establishment of the branches including the procurement of the necessary permits, the employment and training of staff and the actual business operation. Likewise, BIOGLOW shall be deducting twenty five percent (25%) from the branch’s income as “processing fee,” and other necessary expenses incurred thereof and thereafter, shall compute the income for distribution to the investors.

 

In addition, BIOGLOW guaranteed a monthly net sales amounting to Ten Thousand Pesos (Php10,000.00) generated from its so-called “Monthly Sales Protection System.”

 

The public is hereby informed that BIOGLOW LAUNDRY SHOP is NOT registered with the Commission as a corporation nor as a partnership under the Corporation Code of the Philippines and is NOT authorized to offer, solicit, sell or distribute any investment/securities. Such activities require a Secondary License from the Commission and the securities or investment product should likewise be registered with SEC before they can be offered or sold to the public under Sections 8 and 12 of the Securities Regulation Code (SRC).

 

Consequently, those who act as salesmen, brokers, dealers or agents of BIOGLOW LAUNDRY SHOP in selling or convincing people to invest in the investment scheme including solicitations or recruitment through the internet may likewise be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code and penalized with a maximum fine of Five Million pesos (P5,000,000.00) or penalty of Twenty One (21) years imprisonment or both pursuant to Section 73 of the SRC.

 

Accordingly, those who invite or recruit other people to join or invest in this venture or offer contracts or securities to the public may be held liable or accordingly sanctioned or penalized in accordance with the Supreme Court decision in the case of SEC vs. Oudine Santos (G.R. No. 195542, March 19, 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.

 

In view thereof, the public is hereby advised to exercise caution before investing in these kinds of activities and to take the necessary precaution in dealing with BIOGLOW LAUNDRY SHOP or its representatives.

 

Should you have any information regarding the operation of the subject entity, please call the Enforcement and Investor Protection Department at telephone numbers 818-6047.

 

For guidance of the public.