The Securities and Exchange Commission advised the public against dealing with two entities over their alleged unauthorized solicitation of investments without the necessary permit.
It cautioned investors in separate advisories from putting their hard earned money in SPRHY Gold Investment/SPRHY Cash Paluwagan and Secret for Elimination of Rampan Power Worldwide Corp. or SERP Worldwide.
The SEC warned the salesmen, promoters and recruiters of these two entities as they could also be held criminally liable under the Financial Products and Services Consumer Protection Act and Securities Regulation Code.
The SEC said that based on its investigation, SPRHY was enticing the public to invest in its alleged business scheme for a promise of high monetary rewards or profits.
As posted on its social media accounts, SPRHY claims that investors who would invest between P5,000 and P500,000 could earn 15 percent to 30 percent after 30 days.
Meanwhile, the SEC said SERP Worldwide was also enticing the public to invest in its business scheme, which allegedly aims to eliminate poverty and provide lucrative earnings to members.
A prospective investor was enticed to invest P10,000 to avail of its SGEP10-10K Package, which would enable him to earn about 30-percent to 60-percent profit plus additional bonuses.
The SEC said the investment scheme of SPRHY and SERP Worldwide involve the sale of securities to the public which require prior registration with the corporate regulator.
It said both firms were not authorized by the SEC to solicit investments to the public.