The Securities and Exchange Commission warned the public from investing their hard-earned money in a company called Fast Track Worldwide Inc., which is allegedly engaged in selling unsecured securities.
The SEC said in an advisory Fast Track was offering and enticing the public to invest with the promise of significant return or profit.
Fast Track, according to its modus operandi, offers investment packages along with products valued by the company at a price that is more than the invested money.
Investment packages range from P2,100 to as high as P70,000.
For those who join, the company offers to pay to pay direct referral bonuses worth between P120 and P3,500 for every purchased investment package.
The company, to speed up the sale of the investment packages, offers a Fast Track Double Income incentive that doubles the direct referral income for those earning their first P1,000 , P10,000, P100,000 and P1 million.
The SEC said the investment activity was unauthorized and in violation of Section 8 of the Securities Regulation Code.
“Its activities as a corporate entity is thus beyond the scope of its purpose as approved by the Commission and in violation of the Revised Corporation Code of the Philippines for being ultra vires,” the SEC said.
Fast Track is registered with the SEC as a stock corporation but it has not been issued a permit to publicly offer or sell securities, nor has it filed a registration statement on any type of securities for approval by the SEC.
The SEC said the company also does not have a license to act as broker or dealer in securities, nor has any of its agents been licensed to act as salesmen of securities.
The SEC said the company, based on the articles of incorporation filed with the regulator, was organized by Jay Gregorio, Clive Llora, Jeniel Aguilar, James Guillera and Rey Aldwin Valeriano.
It offers goods and merchandise to the public with a principal address in Marco Polo Ortigas Manila in Pasig City.