Abstract：The Philippine SEC warns against "Tasking and Recharging" scams by ROBINSON COMPANY and AMERICA MALL-PH, citing illegal Ponzi-like operations and urging public caution.
The Philippine Securities and Exchange Commission (SEC) has issued a severe warning to the public against doing business with two firms, ROBINSON COMPANY and AMERICA MALL-PH, which have been tempting people with the promise of big profits via a “Tasking and Recharging” scam.
These companies are said to provide online assignments with substantial rewards upon completion. However, a deeper look by the SEC discovered that these businesses are not just dubious, but also unlawful, using a Ponzi-like structure in which profits to earlier participants are supported by the contributions of new investors.
ROBINSON COMPANY, which can be accessed via their internet platform, and AMERICA MALL-PH have both been revealed to be utilizing bogus certificates of incorporation, posing as real enterprises to entice naïve investors.
Robinson Company Certificate:
The notion of “Tasking and Recharging” is classified as an “investment contract” under the Securities Regulation Code (SRC), which requires official SEC registration and license. Unfortunately, these schemes have the hallmarks of a Ponzi scheme, depending on a steady infusion of new investors to keep operations going, naturally disadvantageous to later participants and providing a considerable chance of loss.
In light of these findings, the SEC has stated that such schemes are fraudulent and unsustainable, rendering them unsuitable for registration or license for public securities sales.
The commission also emphasizes the legal ramifications of R.A. No. 11765, the “Financial Products and Services Consumer Protection Act 2022 (FCPA),” which criminalizes investment fraud, including Ponzi schemes and other similar operations that operate without formal SEC approval.
The general public is encouraged to proceed with great care and avoid investing or halting additional investments in these businesses. Anyone discovered advertising, sponsoring, or aiding these investment frauds may face legal action, including possible criminal charges, with fines ranging from five million pesos (Php5) to twenty-one years in jail.
The SEC protects investors and maintains financial market integrity. Individuals should verify investment options and report suspicious activity to the commission. Visit the Philippine Securities and Exchange Commission for more information or to report fraud.
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