THE Securities and Exchange Commission (SEC) has warned the public against investing in three entities as they are unauthorized to solicit investments.
In three separate advisories, the SEC said that Wealth Wise International Co./The Wealthwise International Management OPC; CCO Media/CCO Media Philippines/Clear Channel Outdoor Asia Corp.; and ALAO/ALAO Investment Platform do not have the necessary license nor authority to solicit, accept, or take investments from the public.
According to the SEC, Wealth Wise International is allegedly offering investment schemes to the public with a minimal amount of P500 to a maximum of P384,000. It has three compensation plans where investors are said to earn up to 15% for 15 days under the “quick” plan, 40% for 14 days under the “smart” plan, and 100% in 28 days under the “wise” plan.
The corporate regulator added that Wealth Wise International investors are promised to earn a 10% direct referral bonus and a uni-level bonus equivalent to 1% to 10%.
The SEC said the plans have the characteristics of a Ponzi scheme, where money from new investors is used in paying fake profits to prior investors. It said the scheme 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.”
For CCO Media/CCO Media Philippines/Clear Channel Outdoor Asia Corp., the offerings are investment products via online platforms, the SEC said.
The SEC said the alleged investment scam activities involve the use of the CCO Media Philippines App by offering investment products called original equity funds ranging from P200 to P1 million in exchange for daily returns from 3% up to 50%, depending on the level of investment.
It said US-based outdoor advertising company Clear Channel United States had claimed that CCO Media Philippines/Clear Channel Outdoor Asia Corp. had misappropriated its name, trademark, and intellectual property rights without its authority.
“Based on verification conducted, the fraudulent “Clear Channel Outdoor Asia Corp.,” is not in any way related to, affiliated or connected with the prominent American outdoor advertising company, Clear Channel Outdoor Holdings, Inc./Clear Channel Outdoor and its affiliates,” the SEC said.
Meanwhile, the SEC said that ALAO/ALAO Investment Platform is allegedly enticing the public to invest in their projects. The minimum investment is P100 under its basic plan and up to P100,000 for its master plan.
The entity also promises that the investor could earn 2% for five days and 5% for 30 days depending on the project, as well as secure a P6,000 monetary reward for being a senior partner investor that also recruits two new investors as senior partners.
“ALAO/ALAO Investment Platform is not registered as a corporation or partnership and 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),” the SEC said. — Revin Mikhael D. Ochave
