The Securities and Exchange Commission (SEC) has warned the public against investing in Upsolution Online Shop International, which entices individuals to purchase its shares of stock.
The SEC said the company is not authorized to solicit investments from the public.
Upsolution Online Shop International is offering one share of stock in the company and a return of P6,000 after 37 days if an individual invests P3,500.
It also claims that investors who purchase 10 shares worth P35,000 will be given five additional shares of stock as a bonus, and they could earn up to P90,000 in just 37 days, the SEC added.
The more money is invested, the more return a potential investor can get, the company claims.
“However, the investor is required to re-invest their minimum prior investment within 3 days, otherwise they will be blacklisted and banned from further investing,” the SEC said.
The SEC warned that the company’s activity is a Ponzi scheme which cannot be registered with its office.
“The Commission will not issue a license to offer or sell securities to the public, to persons or entities engaged in such business or scheme,” it said.
The SEC said while Upsolution Online Shop International is registered as a company with its office, the company does not have any license to solicit investments from the public.
The SEC said any individual that serves to facilitate Upsolution Online Shop International’s scheme as salesmen, brokers, dealers, agents, representatives, promoters and operators, among others, can be charged for violation of the Securities Regulation Code and may face a penalty of P5 million in fine or 21 years of jail time.
