The Securities and Exchange Commission (SEC) has issued an advisory against dealing with Webmining, an entity which is not authorized to solicit investments from the public.
Webmining offers six types of investment plans worth P500 upon registering in its mobile app.
Investors are promised earnings of P3,750 for 120 days, P5,750 for 210 days, and P10, 950 for 365 days.
The SEC classifies such offering as a Ponzi Scheme, where money from new investors is used in paying fake profits to prior investors and is designed mainly to favor its top ecruiters and prior risk takers.
According to the SEC, the offering and selling of securities in the form of investment contracts using the Ponzi Scheme is fraudulent and unsustainable.
Further, its record shows that Webmining is not an SEC registered corporation or partnership, and operates without the necessary license and authority.
