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Business

SEC issues new warning against investment scam

Iris Gonzales - The Philippine Star

MANILA, Philippines — The Securities and Exchange Commission (SEC) has warned the public against investing in BitdefiHub Advertising.

The corporate regulator said the investment scheme has been promising to double an investor’s money in as short as 10 days.

The SEC, in an advisory dated Oct. 18, said BitdefiHub does not have the permit to sell such investment offerings and the corresponding order of registration of securities.

According to the SEC’s investigation, BitdefiHub has been enticing the public to invest a minimum of P300 in exchange for 20 percent in earnings daily, according to announcements on its Facebook page.

Investors who invest within a span of 10 days stand to double their profits through the Bitdefi platform.

“For instance, investors who deposit P500 are promised earnings worth P100 per day and P1,000 after 10 days. An investment of P3 million will likewise yield P600,000 in a day, and could be doubled to P6 million after 10 days,” the SEC said in its warning.

The SEC said this whole scheme involves the sale and offer of securities to the public in the form of investment contracts.

Section 8 of Republic Act 8799, or The Securities Regulation Code, provides that securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the SEC.

“In view thereof, the public is advised not to invest or stop investing in any investment scheme being offered by Bitdefi and exercise caution in dealing with any individuals or group of persons soliciting investments or recruiting investors for and on behalf of Bitdefi,” the SEC said.

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INVESTMENT SCAM

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