THE Securities and Exchange Commission (SEC) cautioned the public against investing in two entities, which it found to be soliciting investments without the necessary registration.
In two separate advisories posted on its website, the corporate regulator said that Trade City-Mall and Valero Energy Corp. Philippines are not authorized to solicit investments from the public.
According to the SEC, Trade City-Mall is enticing the public to invest in exchange for profit under a tasking and recharging scheme. The entity allegedly asks the public to perform various tasks and to grab orders from its e-commerce platform with the promise of commissions.
The entity also allegedly invites the public to apply for a part-time job by completing a daily task for a promise receiving a guaranteed monetary reward amounting to P1,000 to 3,000 or more with a P500 reward for completing three basic-level tasks daily.
“A tasking and recharging scheme 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,” the SEC said.
Meanwhile, the SEC said that Valero Energy Corp. Philippines appears to impersonate American Fortune 500 petroleum and energy firm Valero Energy Corp.
According to the corporate regulator, the entity claims to be engaged in the petroleum business that offers a co-partnership program to the public.
“After the interested investor has signed up in its website, he/she is then presented an investment contract in the guise of co-partnership under the name of Valero Energy Corp., a legitimate petroleum and energy company headquartered in San Antonio, Texas, US,” the SEC said.
The entity allegedly offers three packages consisting of the “econofill” collective, “fuelshare” elite, and “petroplatinum” partners programs that promise weekly income ranging from P616 to P126,000 depending on the chosen package and investment.
“Based on verification conducted, the fake/bogus Valero Energy Corp. Philippines is not in any way related to or affiliated with Valero Energy Corp. of Texas, US or any of its subsidiaries or affiliates,” the SEC said. — Revin Mikhael D. Ochave
