The Securities and Exchange Commission warned the public from investing in Yellowdot Transport Terminal Inc., which is offering investment contracts for “millennial jeepney.”
The SEC said in an advisory posted on its wesbite it received information that individuals or group of persons representing YTTI were enticing the public to invest their money in the company with the promise of monetary rewards or profits.
YTTI’s registration with the SEC does not allow it to solicit investments from the public, as it has not secured prior registration or license to sell securities or solicit investments as prescribed under Section 8 of the Securities Regulation Code.
Based on reports YTTI is engaged in fleet management business with a concept of “You Avail, We Manage, You Earn.”
The company is offering investment contracts to the public with an initial payment of P250,000 and a monthly amortization of P30,000 to acquire a public utility vehicle known as millennial jeepney.
But part of the modus operandi is a promise of unusually high profits or returns amounting to P55,000.00 to P85,000.00 a month.
The Land Transportation Franchising and Regulatory Board in KMarch warned the public against an investment scheme run by transport firm YTTI, which has no license from the SEC.
The SEC said those who act as salesmen, brokers, dealers or agents of YTTI in selling or convincing people to invest in the scheme being offered by entities, including soliciting investments or recruiting investors through the internet, may be held criminally liable and penalized with a maximum fine of P5 million, or imprisonment of 21 years or both.
“In view thereof, the public is hereby advised to stop investing in the investment scheme being offered by the said entity,” the SEC said.
The corporate regulator said it would also report the names of all those involved in YTTI to the Bureau of Internal Revenue for appropriate penalties or taxes to be correspondingly assessed.