THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading (Maxx Profit), which it said solicited funds despite being unregistered.
In an advisory on its website, the corporate regulator said Maxx Profit is not registered with the SEC neither as a corporation nor as a partnership, and is also not authorized to solicit investments from the public as it has not acquired the specific license to do so.
Showing screenshots of the said group, the SEC said Maxx Profit â€” headed by Jonard Laurilla â€” is offering investment packages that promise earnings of 200% in just 12 days.
Further, it said the group promises that any member is eligible for a direct bonus equivalent to 50% if the said member recruits, and a unilevel bonus of 1% up to the 10th level.
â€œSince the above-described scheme involves the offering of securities to the public, the Securities Regulation Code (SRC) requires that these securities are duly registered and that the concerned corporation and/or its agents have appropriate registration and/or license to sell such securities to the public,â€ the SEC said.
For violating the SRC, the regulator said people acting as salesmen, brokers, and agents or those acting for Maxx Profit in convincing the public to invest may be penalized with a maximum fine of P5 million pesos, a 21-year imprisonment, or both.
â€œAlso, those who invite or recruit others to join or invest in such ventures or offer investment contracts or securities to the public may incur criminal liability, or otherwise be sanctioned or penalized accordingly,â€ the SEC said.
BusinessWorld sought the comment of Maxx Profitâ€™s Mr. Laurilla, but has not received a reply as of deadline time. â€” Revin Mikhael D. Ochave