WebClick Tracer

Too good to be true? SEC cracks down on 7 unlicensed investment firms

The Securities and Exchange Commission (SEC) has issued multiple advisories since early April, urging the public to avoid investment opportunities from seven entities operating without proper licenses.

The entities identified by the SEC include SKC Investment, Prime Asset, SparkFX Bitcore, Sandalwood Capitals Financial Advisory Service, Ate Anna’s Retail and Wholesale Online Shop, Etoro, and XM.

Several of these entities offer highly unrealistic returns and referral bonuses, raising red flags for potential Ponzi schemes. For example, SKC Investment promises daily earnings of 27% to 50% and Prime Asset guarantees returns of 50-120% within short timeframes.

The SEC stressed that none of these entities are registered with the commission and lack the necessary licenses to solicit investments from the public. SparkFX Bitcore, despite claiming cryptocurrency expertise, remains unregistered and unauthorized.

Sandalwood Capitals and Ate Anna’s Retail also operate without SEC registration, promising exorbitant returns on investments as low as P500.

The SEC further warned investors about Etoro and XM, which operate online trading platforms. While these platforms might be legitimate in other jurisdictions, they lack the necessary licenses to operate in the Philippines.

The corporate watchdog urged Filipinos to exercise caution and verify the legitimacy of any investment opportunity before committing their money.

Milyonaryo | Latest News