Securities and Exchange Commission (FILE PHOTO)
DAVAO CITY, Davao del Sur, Philippines –The Securities and Exchange Commission (SEC) has flagged two more entities for illegal investment schemes in Mindanao.
The SEC Davao Extension Office (SEC-DEO) confirmed that both the OTCJKE (also known as OTC Automated Trading Platform and JKE International Limited) and the A Power (also known as APower Pro, A Power PH, APower Power Bank, APower Power Bank Sharing Solution OPC) are illegally soliciting investments from the public.
Based on the SEC-DEO monitoring, APower has an office in Kidapawan City, Cotabato, while OTCJKE has an office here in Davao.
Based on the advisories released on Dec. 6 by the SEC-Enforcement and Investment Protection Department (EIPD), both entities were soliciting investments using online platforms that showed they were engaged in a Ponzi scheme.
The scheme was named after scammer Carlos Ponzi in the 1920s in the US “because of the promise of an exorbitant rate of return with little to no risk at all to the investors.”
In the case of OTCJKE, it flaunted itself as a “high-frequency trading encryption platform,” and promised investors that they would earn between 3% and 8% daily which they could withdraw anytime through their crypto wallet or through a digital platform.
Another form of income would be through the recruitment of other investors.
The platform was also “advertised as automated and 100% legal.” It’s supposedly supported by the…
