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In NorMin, the SEC warns the public of “investment scams.”

The Security and Exchange Commission’s Cagayan de Oro Extension Office (SEC-CDOEO) has issued a public alert against 27 firms that are allegedly engaged in “investment scams.”

On Tuesday, the Department of Trade and Industry-Bukidnon released an advisory on its Facebook page about 27 dubious investment firms that do not have the necessary SEC licenses.

The majority of the detected organizations use online platforms through mobile applications to attract the public in various sectors, according to lawyer Frederick A. Enopia, SEC-CDEO officer-in-charge.

Enopia also mentioned the importance of the Bukidnon-based “Wellcons Unlimited System, Inc.”, whose operations can be found throughout Northern Mindanao and Caraga.

“By receiving several complaints, SEC-CDOEO was worried by the predominance of the Wellcons’ presence in its jurisdiction throughout Regions 10 (Northern Mindanao) and 13 (Caraga).” On February 3, 2022, the SEC -CDOEO issued an advisory warning the public against investing in the firm,” Enopia added.

Wellcons’ primary purpose, according to Enopia’s articles of incorporation, is to engage and carry on business in the distribution of products through multi-level marketing, among other things; provided, however, that the corporation shall not solicit, accept, or take public investments or placements, nor shall it issue investment contracts.

However, according to SEC-CDOEO, Wellcons is involved in Binary and “Pangkabuhayan System” schemes, which include “double-your-money” schemes and guarantee enormous profits on every purchase of its packages.

It also provides incentives to every member who is recruited.

“We are discouraging the public from investing in these entities that have previously received advisory because it is an indication that the SEC has discovered questionable investment-taking practices that do not meet the legal criteria.” Please protect your investment, whether it’s your money or your property, against alluring persons or groups with nefarious motives,” Enopia advised.

Beastnessallday Corporation; Wellcons Unlimited Systems, Inc.; Astrazion International/Astrazion Noble Task Community Foundation/ Astrazion Global Holdings Inc.; LMB Football; Qfx Markets Limited/Qfx Trade Limited/Qfx Technology Services; Freecit/Freebit; SOS Venture; S.O.S System; PHtop; and the Future Farming/ Future Farming ICD/ Future Farming Ff Store were among the companies listed by the SEC as

Seymoure Paul Conceptualized Piggery Farming; Videospays; BF Football / BF Football Investment Platform FXD Philippines; Ignite Virtus International; Epic Trading; Cryptopayz; Ride2success Digital Marketing Services; Kaizen Unlimited Philippines; and the Pawis ng Pinoy Online Investment are among the other companies listed.

Paidtunes, Walletpays, Cryptostakers/ Crypto-Stakers.Com, Trust Legacy International / Trust Legacy Internation, Outrace “Play To Earn,” Tunegaga / Tunegaga and Up-Mass Innovative Marketing Corporation / Umim Corporation were also listed as fraudulent companies on the list.

The SEC has asked the public to report any reports from investors or potential customers about entities with advisories to the agency’s enforcement and investor protection department at epd@sec.go.ph.

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