THE Securities and Exchange Commission (SEC) warned the public against investing in Mono Mall and Dermacare-Beyond Skin Care Solutions/Beyond Skincare Solutions as these entities are unauthorized to solicit investments.
In two separate advisories posted on Sept. 11, the SEC said Mono Mall and Dermacare-Beyond Skin Care Solutions/Beyond Skincare Solutions do not have the necessary registration to sell securities or solicit investments as mandated by the Securities Regulation Code.
According to the SEC, Mono Mall claimed that it promotes and helps merchants to increase product sales and sell their products online. It also claimed to cooperate with online shopping platforms Lazada, Shopee, Zalora, and TikTok.
“The said entity claims that they are legitimate and is registered with the SEC but upon verification with the SEC database it turned out that Mono Mall is not duly registered and the SEC certificate they are showing to the public is fake,” the SEC said.
The SEC said that individuals or a group of persons claiming to represent Mono Mall are encouraging the public to invest in the entity.
“Their tasking and recharging scheme works by luring unsuspecting victims to participate in fake online jobs, supposedly in partnership with large e-commerce platforms such as Lazada. Here, they complete tasks such as helping complete e-commerce orders to earn commissions,” the SEC said.
Meanwhile, the SEC said that Dermacare-Beyond Skin Care Solutions/Beyond Skincare Solutions is enticing the public to invest in the entity via a franchise partner agreement, which promises a guaranteed return of 12.6% interest every quarter for five years.
The franchise partner agreement also comes with complimentary services such as a 50% discount on all Dermacare/Dr. White and Glow Services, a 50% discount on all owned brand Dermacare/Dr. White and Glow Products, a 20% discount on doctors’ services, complimentary services for two extensions of choice, and a maximum of two treatments per visit.
According to the SEC, the company’s registered name is Beyond Skin Care Ventures, Inc.
“Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act also prohibits investment fraud which is defined under the law as any form of deceptive solicitation of investments from the public,” the SEC said.
“The public is hereby advised to exercise caution in dealing with any individual or group of persons soliciting investments for and on behalf of Dermacare-Beyond Skin Care Solutions/Beyond Skincare Solutions/Beyond Skin Care Ventures, Inc. and not to invest or to stop investing in the investment scheme being offered by the subject entities or its representatives,” it added. — Revin Mikhael D. Ochave
