The Securities and Exchange Commission (SEC) has warned the public against two entities engaging in investment solicitation activities without the necessary license.
Identified as Lushapple.ph and Way Home Story Philippines Inc., these entities have been attracting individuals through social media platforms with promises of high returns on investments, reaching up to 40 percent interest, without any required effort from the investors.
Lushapple.ph claims to offer investment opportunities to help expand their business, specifically in the sale of electronic devices.
On the other hand, Way Home Story Philippines adopts a scheme called “Tasking and Recharging,” enticing potential investors to complete online tasks in exchange for monetary rewards or commissions.
The SEC has also uncovered that Way Home Story Philippines has been presenting a counterfeit certificate of incorporation to create an illusion of legitimacy and entice the public into investing.
The corporate watchdog has identified the investment schemes of these entities as bearing resemblance to pyramid or Ponzi schemes, wherein earnings are derived from recruitment fees rather than the sale of actual products or services, and existing investors are paid from the contributions of new members.
Consequently, the SEC strongly advises the public to refrain from engaging or continuing to invest in the schemes offered by Lushapple.ph and Way Home Story Philippines Inc., to protect their interests and financial well-being.