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SEC moves to cancel company registration over ‘Ponzi’-like daily promise of 3-5% returns

THE Securities and Exchange Commission (SEC) said its investigation into a company offering unlicensed investment products revealed that the company promised daily returns of 3-5% on investments of at least P1,000.

The SEC said it is now issuing an order to revoke the registration of Intime Import and Export (LLC) Corp. for its unlicensed  investment-taking activities.

According to the SEC website, the agency first warned the public against placing investments with the company on April 6.

The investment scheme offered by Intime “has the characteristics of an ‘investment contract’ which must first be registered with the commission before it may be offered and sold or distributed to the public,” the SEC said in an advisory.

The SEC said the company is not registered to offer securities to the public and its officers do not hold licenses as capital market professionals.

On May 2, the SEC issued a show-cause order to Intime to explain why its Certificate of Incorporation should not be revoked. The agency said it received no response.

“Likewise, the investment scheme of respondents Intime Import and Export promising a return of 3-5% per day has the characteristics of a Ponzi scheme,” the commission added.

 A Ponzi scheme offers impossibly high returns to early investors paid out of the capital contributed by later investors.

“The investment scheme of Intime Import and Export also operates to defraud investors as it deceives the investing public by making it appear that it has the authority to deal in securities. This also amounts to serious misrepresentation as to what they can do or are doing to the damage and prejudice of the investing public,” it added. — Luisa Maria Jacinta C. Jocson

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