THE Securities and Exchange Commission (SEC) issued an order of revocation to Wealth on Web Company, or WOW Company, for its Ponzi-like investment scheme and for operating without a license or registration.
In an advisory dated April 29, the SEC said that WOW Company was registered in its database as a partnership. As such, it was not authorized to solicit investments from the public as it did not secure prior registration and license to do so.
“Neither is WOW Company licensed as a capital market professional such as, among others, a securities broker,” it added.
WOW Company allows certain persons acting as its agents or representatives to make public presentations of its investment scheme and to invite the public to invest through social media.
The SEC said these acts make the group “liable for the unauthorized public offering of securities and the misrepresentation committed in connection with such public offering.”
It said the investment scheme has the characteristics of a Ponzi scheme, or an investment program that offers impossibly high returns and pays these returns to early investors out of the capital contributed by later investors.
Based on records from the commission, the company’s business purpose is to engage in direct selling of goods and merchandises to consumers, to engage in business of retail trading, such as but not limited to: apparels, e-loads, e-pins, e-coins, beverages, health and wellness, cosmetics and digital…
