The Securities and Exchange Commission warned the public from investing in Tether Pay Ltd. and Ground Zero Poultry Agricultural Corp. which it said were found soliciting investments without the necessary registration and license from the commission.
It said in an advisory posted on its website Ground Zero was enticing the public to invest in its poultry farm business for a low as P20,000. The company guarantees between 36 percent to 80 percent return on investment for a lock-in period of six months to one year.
It said while Ground Zero is an SEC registered company, it had not secured a license to sell securities or investment contracts to the public.
Meanwhile, the SEC said Tether Pay was also soliciting investments for foreign exchange and cryptocurrency trading to the public. It allegedly entices the public to invest up to P1.672 million with a guaranteed return of 10 percent in daily profit for a period of 70 days.
“Tether Pay appears to be engaged in a fraudulent scheme of offering and selling unregistered securities in the form of investment contracts in violation of Section 8 and 26 of the Securities Regulation Code,” the SEC said. Jenniffer B. Austria