SEC cautions against S&M Ventures, Gainz Philippines
THE Securities and Exchange Commission (SEC) warned the public against investing in S&M Ventures and Gainz Philippines as they are not authorized to solicit investments.
In two separate advisories posted on its website, the corporate regulator said that S&M Ventures and Gainz Philippines do not have the required license and authority to solicit, accept, or take investments from the public, nor to issue investment contracts and other forms of securities.
According to the SEC, S&M Ventures allegedly entices the public to invest in its projects such as the renovation and construction of additional units at Azure Urban Resort Residences and investment in the rental units at Azure Urban Resort Residences.
The minimum investment is from P20,000 to P300,000 and is then promised a passive monthly income.
“S&M Ventures claims that the investor has nothing to do except sit back and unwind while they handle the guest bookings, seamless check-ins and check-outs as well as the promotional aspects of renting on Airbnb,” the SEC said.
“The offering and selling of securities in the form of investment contracts using the Ponzi Scheme which is fraudulent and unsustainable, is not a registrable security. The commission will not issue a license to sell securities to the public to persons or entities that are engaged in this business or scheme,” it added.
Meanwhile, the SEC said that Gainz Philippines is enticing investors by offering an opportunity to earn passive income via the supposed expertise of the entity’s leader in trading cryptocurrencies.
The regulator added that the entity is offering multiple investment plans under its Max Plan where investors are promised to gain 90% of their initial investment in just 20 days.
Gainz Philippines also promises that an investor would earn an additional 1% profit from the referrals of the persons they have invited to invest money.
“Gainz Philippines, being an unregistered entity, is not authorized to solicit investments from the public because prior registration with the commission is required before securing a secondary license,” the SEC said.
“It is noteworthy that prior registration is required before an entity can be issued a secondary license to offer and/or solicit investments from the public,” it added. — Revin Mikhael D. Ochave