The investing public has been warned against an entity purportedly engaged in nickel mining operations.
According to the Securities Exchange Commission (SEC), several individuals and groups have been asking the public to invest in Oriental Peak Mining.
A certain Ranillo Paz is representing himself as the president of Oriental Peak Mining.
Oriental Peak Mining is an unregistered entity which is engaged in fraudulent transactions and in the solicitation, offering, and selling of unregistered securities from the public in the form of investment contract without the necessary license, SEC said.
It is enticing the public to invest online or through the internet by paying P500 to P1 million with a guaranteed daily profit of five percent for 60 days or for a total income of 300 percent in just 60 days.
Such offer was subsequently modified to a daily profit of five percent for 45 days or for a total of 225 percent in just 45 days.
At present, Oriental Peak Mining offers a 15-day payout where the money invested will double in just 15 days.
“This is to inform the public that Oriental Peak Mining and the individuals offering investments under its name are not authorized to solicit investments from the public,” the SEC said.