The Philippines’ Securities and Exchange Commission (SEC) has issued advisories against three entities in breach of securities laws. The entities include PH-IGM, Gameloot, and Vertex Evo Trading, firms blacklisted by the securities watchdog for violating extant regulations.
According to the public advisory, the SEC noted that Vertex Evo Trading, headed by Carlos Jeff Bayan, allegedly solicited investments from the public to be invested in virtual currencies. The Commission pointed out that the firm was not authorized to make such moves on the grounds of its failure to register with the SEC.
“Based on the Commission’s database, the said entity is not registered with the Commission as a corporation, OPC, or a partnership. The entity likewise has not been issued by the Commission, any license or permit to sell or offer securities to the public or to conduct any activities regulated by the Commission,” the warning read.
In a similar warning, the SEC pointed out that Gameloot is not authorized to offer investments contracts to the public as it “operates without the necessary license and/or authority” Gameloot told the public that investors could earn between 50% to 150% profit with the additional option of making 10% on each referral bonus.
In its submission, the securities watchdog said that Gameloot operated like a Ponzi scheme, using the funds of new investors to pay old investors. Members of the public are warned against investing in the scheme, while…
