The Securities and Exchange Commission (SEC) has issued a warning to the public regarding the activities of QZ Asset Management and Crypto Hub Finance, emphasizing that these entities are not authorized to solicit investments from the public.
The SEC’s advisory comes in response to reports of individuals or groups enticing the public through social media to invest in these entities.
QZ Asset Management, purportedly based in Guangzhou, China, claims to be licensed and regulated by the Asset Management Association of China (AMAC). They offer investment plans requiring a minimum investment of $100, promising daily earnings of 0.5 to one percent, weekly earnings of 3.5 to seven percent, and monthly earnings of 15 to 30 percent.
On the other hand, Crypto Hub Finance is offering investment opportunities to the public with a minimum investment amount of approximately P2,786.38. Investors are promised daily returns of up to two percent for 75 days, along with a five percent affiliate bonus and additional cashback incentives.
However, the SEC clarified that both QZ Asset Management and Crypto Hub Finance are not registered with the commission as either corporations or partnerships. As a result, they are not authorized to solicit investments from the public, as they have not obtained the necessary registration and/or license.
In light of these findings, the SEC strongly advised the public to refrain from investing or discontinue any existing investments in the schemes being offered by QZ Asset Management and Crypto Hub Finance.
The SEC has advised investors to exercise due diligence and verify the legitimacy of investment entities before engaging in any financial transactions.