By Keren Concepcion G. Valmonte, Reporter
THE Securities and Exchange Commission (SEC) has issued advisories against three entities offering unlicensed investment programs to the public.
In two advisories dated Jan. 4, the regulator flagged TuneGaga and OUTRACE “Play to Earn” for soliciting investments without authority from the SEC.
The regulator warned that the schemes offered by the two entities resemble a Ponzi scheme, “which is fraudulent and unsustainable, is not a registrable security.” Investments of newer investors are used to pay off “fake profits” of those part of the scheme earlier.
TuneGaga is not registered with the commission and it also does not have the license to offer investments to the public. The commission said it is luring investors through social media and through their independent website, which no longer works as of writing.
“TUNEGAGA/TuneGaga is a mobile application that can be downloaded in Google Play Store,” the SEC said in its advisory dated Jan. 4.
Users of the mobile application can allegedly earn extra income by just listening to music of their own choice. TuneGaga’s investors can supposedly earn weekly through its various subscription plans “with corresponding tasks.”
BusinessWorld reached out to TuneGaga for comment, but it has yet to receive a response as of press time. According to user comments of its app on Google Play, users have been experiencing problems on the app since late…