The Securities and Exchange Commission (SEC) has issued a warning to the public regarding four entities that have been found soliciting investments without the necessary license.
The SEC has flagged Dairy Farmers of America, Reigns Profit Sharing, PNJS Profit Sharing Benta-Slot, and Infinity Success Trading for their unauthorized investment schemes.
According to the SEC, some of these entities’ investment schemes bear similarities to pyramid or Ponzi schemes. In such schemes, investors earn profits through recruitment fees rather than the sale of legitimate products or services. Additionally, these entities rely on the contributions of new members to pay existing investors.
Dairy Farmers is involved in the impersonation of a legitimate Kansas-based firm with the same name. Moreover, it has unlawfully appropriated the firm’s logo in order to offer unauthorized and illegal investments to the public. The entity claims that investors’ funds will be used to purchase cattle for milking purposes, with profits from the sale of milk distributed to investors.
On the other hand, Reigns Profit Sharing offers high monetary rewards, such as earnings ranging from 70 to 120 percent after a 30-day period while PNJS Profit Sharing Benta-Slot solicits investments starting from a minimal amount of P1,000 per account, guaranteeing returns of up to 1.9 percent per day for 30 days.
Infinity Success Trading presents itself as a group of professional traders aiming to assist investors in learning secure trading methods. The entity offers investment opportunities to the public, requiring a minimum investment amount ranging from P500 to P100,000. It promises investors a return of 40 percent after seven days.
In response to these unauthorized investment activities, the SEC urges the public to refrain from investing in the schemes offered by these entities and their representatives.
“The commission remains unwavering in its efforts to stamp out illegal investment-taking activities through financial literacy campaigns and advisories to the public,” said the SEC.
