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SEC cautions public against Platinum Coin/Platinumcoin Pawnshop

The Securities and Exchange Commission (SEC) has warned the public against investing in Platinum Coin/Platinumcoin Pawnshop.

According to the SEC, Platinum Coin/Platinumcoin Pawnshop is engaged in unauthorized online lending activities as it has been operating without a certificate of authority.

The entity, which has been offering investments to the public for a minimal amount of P1,000 up to P650,000, is not registered as a corporation or partnership.

Investors are being enticed with earnings of 15 percent to 50 percent after 30 days, as well as a one-time five percent outright commission. They are likewise being promised a passive income of 2.5 percent monthly, cash gift of up to P70,000, P500 worth of load weekly, and 20 percent yearly bonus.

According to the SEC, this has the characteristics of a “Ponzi Scheme” where money from new investors are used in paying fake profits to prior investors.

Such a scheme is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent members in case of scarcity of new investors, the agency warned.

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