By Jenniffer B. Austria
The Securities and Exchange Commission on Thursday advised the public against dealing with Oriental Peak Mining, which it said is an unregistered firm allegedly engaged in nickel mining operations.
It said in an advisory posted on its website that OPM was found soliciting investments from the public.
The regulator said that based on its investment scheme, OPM was enticing the public to invest from P500 to P1 million into the company with a promise to double the investment in just 15 days.
“Such actions resemble a pyramid/ponzi scheme, where investors earn through recruitment fees instead of the sale of actual products/services, and investors are paid using the contribution of new members” the SEC said.
“In view thereof, the public is advised not to invest or stop investing in any investment scheme being offered by Oriental Peak Mining vis-a-vis Ranillo Paz as well as to any other entities having the same or similar schemes,” the SEC said.
The SEC said that since the start of the 2023, it had issued advisories against eight firms engaged in illegal solicitation of investments. These included FDMS Business and Marketing Solutions Inc., Trading Cartel, Lele Gold Farm, BCR Rising Trade Inc/BIT Cryptorising Marketing Consultancy, Cstmine. com, Tether Pay Ltd. and Ground Zero Poultry Agricultural Corp.