GMA News Online reports: “The Securities and Exchange Commission (SEC) warned the public not to deal with at least five online investment firms because the companies have no necessary permits to operate in the Philippines. In separate advisories, the SEC warned that the companies are ‘not registered as a corporation or partnership” and are “not authorized to solicit investments from the public.’ The commission identified the companies as follows:
- Crypto Expert Inc. (CyptoExpert Trading or CryptoExpert: Mutual Funds and Trading Expert)
- Paysbook E-Commerce System Co. Ltd (Indigen Coins)
- Freedom Traders Club (Ploutus Coin)
- Purewealth EBC Corp. (Purepound)
- Yeheey Itraffic System Inc.
The SEC said these unauthorized companies did not register as a corporation or partnership, and are not authorized to solicit investments from the public. These unauthorized corporations entice the public to invest by promising unreasonably high returns on investment of 25-percent a week, the commission noted.”