The Securities and Exchange Commission is asking the public to stop investing in the scheme being offered by Ground Zero Poultry Agricultural Corporation and its representatives as this has the characteristics of a Ponzi scam.
Based on reports and information gathered by the Commission, individuals or group of persons claiming to represent Ground Zero Poultry Agricultural Corporation is enticing the public through social media to invest in the company.
The SEC said it found that Ground Zero Poultry Agricultural Corporation “is enticing the public to participate in its poultry farm pursuits. An investor may opt to invest with as low as P20,000 with 36 percent up to 80 percent guaranteed Return On Investment (ROI) for the lock-in period of 6 months or 12 months.”
The Commission noted that, an “investment contract” which is a kind of security, exists when there is an investment or placement of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others which is prominent in the scheme of Ground Zero Poultry Agricultural Corporation.”
“As such, the Securities Regulation Code (SRC) requires that said offer and sale of securities must be duly registered with the Commission and that the concerned entity and/or its agents should have the appropriate registration or license to sell such securities to the public,” said the SEC.
It said that, “Records of the Commission show that Ground Zero Poultry Agricultural…
