The Securities and Exchange Commission (SEC) warned the public against investing in Batangas-based dermatology clinic for allegedly soliciting investments without a license.
It said in an advisory posted on its website it received reports that the Dreamcare-Beyond Skin Care Solution is enticing the public to invest their money in the company under its “franchise partnership agreement”.
Based on the document presented to the SEC, the company promised investors guaranteed return equivalent to 12.6 percent interest every quarter for a period of five years, plus complementary skin care services.
The SEC said the company was not authorized to solicit investments from the public as it had not secured prior registration and/or license to sell securities as provided under the Securities Regulation Code.
“In view thereof, the public is hereby advised to exercise caution in dealing with any individual or group of persons soliciting investments for and on behalf allegedly of Dreamcare-Beyond Skin Care Solutions,” the SEC said.
“The public is further advised not to invest or to stop investing in the investment scheme being offered by any individuals claiming to represent said entity,” it said.
It said those who act as salesmen, brokers, dealers or agents or claim to act as such on behalf of the company in selling or convincing people to invest may be prosecuted and held criminally liable under Section 28 of the SRC, and penalized with a maximum fine of P5 million or penalty of 21 years of imprisonment or both pursuant to Section 73 of the SRC.
The SEC said it would report all the names involved in the company to the Bureau of Internal Revenue so that proper penalties/ taxes could be assessed.
