SEC names 8 unregistered firms

SEC names 8 unregistered firms

BAGUIO CITY — The Securities and Exchange Commission (SEC) in this city has identified eight entities operating like Ponzi schemes and lacking the required licenses for soliciting investments.

The SEC-Baguio City identified the unauthorized entities as: House of Forex/H. Flores Business Consultancy Services, Foto Trading International, HarvestCTMall, Crypace Limited/Crypace Financial Consultancy Services, DNKC Corporation, Gainz Philippines, S&M Ventures, and Salon de Alexis.

It warned the public against engaging with these entities and described some of their investment schemes as resembling the outlawed pyramid or Ponzi schemes.

In such schemes, earnings come from recruitment fees rather than the sale of actual products/services, and investors are paid using contributions from new members.

Earlier, the SEC named several firms involved in Ponzi schemes and encouraged the public to stay informed by visiting the website — Artemio A. Dumlao