SEC warns public not to invest in OneCash, PBB150

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SEC warns public not to invest in OneCash, PBB150
The Securities and Exchange Commission receives reports that OneCash Trading and PBB150 Trading are enticing the public to invest, but these two companies are unregistered

MANILA, Philippines – The Securities and Exchange Commission (SEC) warned the public against investing their hard-earned money in two companies – OneCash Trading and PBB150 Trading – which are not registered with the regulator and are also selling unregistered investment contracts.

The SEC posted an advisory on its website after it received information that persons representing OneCash and PBB150 are enticing the public to invest in these two firms by promising a significant return on investments.

Based on reports received by the SEC from the public, PBB150 Trading has a system similar to a networking company, where recruited members may invite other persons to earn points and cash.

The corporate regulator added that PBB150 Trading has no physical products and is engaged in a “4th earning system.”

In this 4th earning system, members may buy digital currency called Kringles, which costs P55 each for a maximum of 20 Kringles per account.

The SEC said PBB150 promises that each Kringle will become P80 in a span of two weeks. (READ: SEC orders Calata to stop selling Krops tokens, coins)

“The public is hereby informed that PBB150 Trading is not registered with the Commission as a corporation or partnership and is not authorized to solicit investments from the public, not having secured prior registration and/or license to solicit investment as prescribed under Section 8 of the Securities Regulation Code (SRC),” the SEC said.

Meanwhile, OneCash Trading, through social media, has been inviting the public to sign up on its website and deposit P1,000 as enrollment fee.

A member may choose to become a trader with the promise of receiving a 25% return on investment every Thursday for 8 straight weeks without doing anything.

“The public is hereby warned that such investment schemes whether with the use of money or virtual currencies such as bitcoin, etherium, ripple, dash, litecoin, monero, SIBcoin, mooncoin, and many others are considered as securities subject to the regulatory authority of this Commission,” the SEC said.

“The recruitment of investor members under the guise of sponsoring a person into the system is likewise considered a form of investment solicitation or a sale of securities,” it added.

The SEC said those who act as salespersons, brokers, dealers, or agents of these companies in selling or convincing people to invest may also be held criminally liable under Section 28 of the SRC.

Those found guilty face a maximum fine of P5 million or imprisonment of 21 years. – Rappler.com

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