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Pyramid scheme warning: SEC flags Terramush and Goshop PH

The Securities and Exchange Commission (SEC) has warned the public against the illegal investment activities of Terramush Co. and Goshop PH.

The SEC said the two entities are found engaging in unauthorized solicitation of investments without the necessary license from the commission.

According to the SEC, Terramush claims to serve as a platform to educate Filipinos about the financial and health benefits associated with mushrooms and as a means to distribute a variety of mushroom-fruiting bags, purportedly allowing its members to simultaneously profit from purchasing the said bags.

It is offering different ways to earn with a minimum amount of P300 for a guaranteed 2.5 percent daily income in a 64-day lock-in period.

Goshop, on the other hand, engages in a scheme known as “Tasking and Recharging” where the public is offered online jobs in the guise of performing certain tasks for a promise of receiving monetary rewards or commissions.

However, this comes with a requirement of additional funding or “recharging” from the investor-victims before enabling them to withdraw their supposed earnings.

The SEC said the investment schemes or actions being implemented by the two entities resemble a pyramid or Ponzi scheme, where investors earn through recruitment fees instead of the sale of actual products and services, and investors are paid using the contribution of new members.

The commission said it remains unwavering in its efforts to stamp out illegal investment-taking activities through financial literacy campaigns and advisories to the public.

Milyonaryo | Latest News