The Securities and Exchange Commission advised the public against investing in three companies engaged in alleged unauthorized solicitation of investments without the necessary license from the regulator.
The SEC said that based on the information it gathered, it issued warnings against investing in Sunny Smart Asia, Crowdfunding Pinas and Global Fortune Trade which were not authorised to sell investment contracts to the public.
It also warned the salesmen, brokers, dealers or agents, representatives, promoters, recruiters, uplines, influencers, endorsers, abetters and enablers of these firms, as they may be liable under Section 28 of the Securities Regulation Code.
The SEC said Sunny Smart claims to be a company engaged in the business of trading cryptocurrency, stock and forex and promises investors stable and risk-free growth of financial assets and daily earnings of 2.8 percent up to 3.3 percent by registering through an online link and choosing from six investment plans.