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Tuesday, December 5, 2023

SEC issues warning against Wealth Wise, CCO Media, Alao Investment

The Securities and Exchange Commission cautioned the public against investing in three entities over their alleged unauthorized solicitation of investments.

It said in separate advisories Wealth Wise International Co., CCO Media Philippines and Alao Investment Platform do not have the required license to sell investment contracts to the public.

The SEC said Wealth Wise entices the public to invest by joining its social media group and registering through its website. It offers investment plans to prospective investors for a minimum of P5,000.00 and a maximum of P384,000.00, with a promise of 15-percent return in 15 days, 40 percent in 14 days and 100 percent in 28 days, according to the SEC.

The company also offers additional bonuses from referrals.

CCO Media also claims to be an advertising company that offers investment products online through its social media platform. Based on its modus operandi, CCO Media lures the public to invest in its “Original Equity Funds” for an amount ranging from P200 to P1 million for guaranteed daily returns of 3 percent up to 50 percent and watch advertisements for additional income, the SEC said.

Meanwhile, Alao Investment claims to be a crowdfunding investment company based in New York City. It actively entices the public to invest in its projects and be its partner in exchange for allegedly guaranteed and lucrative profits and monetary rewards, according to the SEC.

“Some of these groups’ investment schemes or 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.

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