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SEC warns vs four more unregistered entities

July 7, 2023By BusinessWorld

The Securities and Exchange Commission (SEC) has warned the public against four more unregistered entities asking for investments from the public.

In separate advisories, the commission identified the entities as Dairy Farmers of America (DFA), Reigns Profit Sharing, PNJS Profit Sharing, and Infinity Success Trading.

The SEC said the DFA had been impersonating and misappropriating the logo of the Dairy Farmers of America, Inc., which is a national milk cooperative in the United States, as it solicits unauthorized and illegal investments from the public.

“The fraudulent DFA has not been issued a primary license to operate as a corporation, one-person corporation (OPC), or as a partnership,” the SEC said.

The regulator said the entity has been enticing the public through its website, which is actively promoted in social media by accounts identified as Mariana Canoy TV, DFA Investments, and Mariana Canoy YouTube channel.

The legitimate Dairy Farmers of America denied any affiliation with the fraudulent entity including its website, and social media account, it said.

The commission said investors are promised a return on investment ranging from 3% to 66% for an initial investment of PHP 100 to PHP 10,000 after 30 days. It also offers a referral commission of about 16%.

The SEC also warned the public against Reigns Profit Sharing, which is also identified as Josan Paluwagan or Benta Slots.

The entity has been enticing the public through social media by offering investments at a minimum of PHP 1,000, which can net 70% to 120% after 30 days.

The commission, likewise, warned about PNJS Profit Sharing, which has been offering investments at a minimum amount of PHP 1,000 and promising earnings of as much as 1.9% a day.

It added that the entity is registered under the Department of Trade and Industry as PNJS Finance/Variety-Store and Online Shop.

Meanwhile, Infinity Success allegedly deals in foreign exchange and crypto trading and may expand to casino junket operations, according to the SEC.

It promises investors through social media and its website a 40% return on investment after seven days with a minimum investment of PHP 500 to PHP 100,000.

Upon the SEC’s investigations, all four entities are found to be unauthorized to solicit investments from the public.

Under the Securities Regulation Code, companies are required to register with and secure a license from the commission.

The regulator also identified the entities as offering Ponzi schemes, which involve the promise or offer of profits that are sourced from the investments made by others.

Additionally, the Financial Products and Services Consumer Protection Act prohibits investment fraud, which is any form of deceptive solicitation of investments from the public. — Adrian H. Halili

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