The Securities and Exchange Commission (SEC) has flagged illegal investment solicitations of two companies Beyond Skin Care Ventures Inc. and Mono Mall.
Beyond Skin Care conducts business under the name Dermacare-Beyond Skin Care Solutions, entices the public to invest in its business through a “franchise partner agreement” worth P250,000.
“The said franchise offers prospective investors a guaranteed return of 12.6 percent quarterly interest for five years, along with other complimentary services,” the SEC said.
The SEC said Beyond Skin Care Ventures Inc. is not authorized to solicit investments from the public, having failed to secure prior registration and license to sell securities or solicit investments.
The SEC said Beyond Skin Care Ventures violates the “Financial Products and Services Consumer Protection Act” (RA11765), particularly on the provisions covering “Ponzi Schemes and such other schemes involving the promise or offer of profits or returns sourced from the investments or contribution made by the investors themselves and the offering or selling of investment schemes to the public without a license or permit from the SEC.”
SEC said Mono Mall representatives are enticing the public by luring people to participate in fake online jobs, supposedly in partnership with large e-commerce platforms.
“Here, they complete tasks such as helping complete e- commerce orders to earn commissions,” it said.
SEC Mono Mall is not authorized to solicit investments from the public since they have not secured prior registration and/or license from the Commission,” the SEC said.
The SEC said individuals who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, uplines, influencers, endorsers, abetters and enablers of Mono Mall in convincing people to invest may be held criminally liable under RA11765 and may be penalized separately with a fine of P5 million or or a 21-year jail term, or both. – Ruelle Castro
