THE Securities and Exchange Commission (SEC) warned the public against investing in Eatcited Pasalubong Center and Amelia Mall Online as these are not authorized to solicit investments.
In two separate advisories posted on its website, the corporate regulator said that Eatcited and Amelia Mall are operating without the necessary license to solicit, accept, or take investments from the public.
According to the SEC, Eatcited and its representatives are enticing the public to invest in its wholesale and retail food product services. The entity allegedly promises a guaranteed 5% earnings per month for a minimum investment of P20,000 and a guaranteed 10% earnings per month for a maximum investment of P500,000.
Eatcited, located in Tayabas, Quezon province, is registered with the Department of Trade and Industry as a sole proprietorship.
“As appearing in its social media posts, Eatcited Pasalubong Center claims that it is looking for partners/silent investors for a short- or long-term contract with the possibility of earning money up to 120% for a period of 12 months,” the SEC said.
“The scheme employed by Eatcited Pasalubong Center has the characteristics of a Ponzi scheme where money from new investors are used in paying fake profits to prior investors and 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,” it added.
Meanwhile, the SEC said Amelia Mall Online/AriaMall/Amelia-Mall Philippines, Inc. allegedly offers a part-time job by placing orders online with a promise of receiving a commission, which could only be withdrawn upon payment of a tax charge.
The corporate regulator added that the certificate of registration being shown by Amelia Mall to the public is bogus, as the commission’s records showed that the entity is not registered as a corporation, partnership, or one-person corporation.
“Reports revealed that the entity is engaged in a scheme known as tasking and recharging where the public is invited on purported online jobs by performing certain tasks for a promise of receiving monetary rewards or what they call commission and once the tasks are completed, the investor will be given another task to perform for the same promise of receiving commissions which can only be withdrawn upon payment of what they call a tax charge,” the SEC said. — Revin Mikhael D. Ochave
