The Securities and Exchange Commission (SEC) has warned the public regarding investment schemes offered by Ariamall and Eatcited Pasalubong Center.
Ariamall, also known as Amelia Mall Online or Amelia-Mall Philippines Inc., is enticing the public to invest with promises of high monetary rewards and profits, according to the SEC.
It is also involved in a “Tasking and Recharging” scheme, where the public is invited to perform certain online tasks in exchange for monetary rewards or commissions. Once the tasks are completed, investors are given more tasks with the same promise of commissions, which can only be withdrawn after payment of a “Tax Charge.”
According to the SEC, Ariamall is not a registered corporation and does not have the necessary license or authority to solicit investments or offer securities.
On the other hand, Eatcited Pasalubong Center and its representatives are using social media to entice the public to invest in their food product services business through wholesale and retail. They invite partners/silent investors for short or long-term contracts with the possibility of earning up to 120 percent over 12 months.
The SEC pointed out that Eatcited Pasalubong Center is registered with the Department of Trade and Industry as a sole proprietorship but is not registered as a corporation or partnership. It is operating without the necessary license and authority to solicit, accept, or take investments/placements from the public or issue investment contracts and other forms of securities.