Home Editor's Picks SEC flags two more entities’ unlicensed schemes

SEC flags two more entities’ unlicensed schemes

by

THE Securities and Exchange Commission (SEC) issued an advisory against unregistered entities called E-Comm Shares and Pogi Breeds International for their respective unlicensed investment programs.

The commission warned the public not to invest or to stop investing in the schemes offered by the entities.

E-Comm Shares is said to be offering a 3% daily income to investors buying and selling shares through their platform.

Led by a certain William Thomas, the entity allegedly aims to “produce 1,000 millionaires” through its program.

The SEC said E-Comm is luring investors through its daily income rate offering which may be earned by investors “by just logging to his/her account and clicking the sell button for a total of 60 days.”

It also offers a direct referral bonus or “affiliate rewards” for its recruitment schemes.

E-Comm Shares is one of the entities flagged by the SEC in its advisories in September, which totaled 15 advisories. The commission also flagged Pogi Breeds International, which offers a “co-partnership program” for clients playing the Axie Infinity game.

E-Comm Shares and Pogi Breeds International are not registered with the commission as a corporation or as a partnership and both entities lack the necessary registration or license to solicit investments from the public.

Pogi Breeds is said to be “a group of persons claiming to be using its client’s money in buying, breeding Axies, and playing the Axie Infinity game.” It also goes by Pogi Breeds Int’l or CoPartners Pogibreeds, said to be led by Gino Mendoza or Nigo Tekashii.

Pogi Breeds’ “co-partnership program” lets investors put in P5,000 up to P250,000, promising profits of P100 to P25,000 daily or a daily profit of 2% or 10% or weekly earnings for 45 days, among other offers such as its contract plan income.

“Pogi Breeds assures its co-partners that the capital will be returned after 59 days or at the end of the contract,” the SEC said, adding that Pogi Breeds’ clients may request for their profit and cash out on Mondays and Thursdays.

The SEC also reminded the public that the play-to-earn game Axie Infinity and its developer Sky Mavis are not registered nor are licensed to do business in the Philippines. — Keren Concepcion G. Valmonte

Related News