The Philippine Securities & Trade Fee (SEC) launched a brand new advisory in opposition to the brand new funding scheme referred to as Reposco Buying and selling, operated by Benjamin Mari Limjap, for illegally soliciting investments from the general public.

In line with the SEC, Reposco Buying and selling claims that they’re utilizing blockchain expertise to supply decentralized and  democratized funding plans that promise weekly dividends based mostly on their sports activities arbitrage, foreign exchange, and oil choices positive aspects. The SEC additionally mentioned there have been information experiences alleging that Limjap has defrauded quite a few Filipino buyers by soliciting cash from them with a promise of twenty % (20%) return of funding in a ninety (90) day interval maturity.

In line with the Securities Regulation Code (SRC), any establishment have to be registered with the Fee and should have the suitable registration or license earlier than promoting any securities to the general public.

Nevertheless, Reposco Buying and selling will not be a duly registered company or partnership nor a crowdfunding middleman or a funding portal based mostly on the SEC database. Thus, Reposco Buying and selling operates with out the mandatory license or authority to solicit, settle for or take investments/placements from the general public and this sort of motion exhibits indication of a doable “Ponzi Scheme”, the place new buyers cash are used to pay its promise twenty % (20%) return of funding which solely advantages the highest recruiters or earlier buyers.

SEC warns the general public to cease investing in Reposco Buying and selling and never entertain the gives of its representatives. Any individual or entity who act as brokers, brokers & salesmen of Reposco Buying and selling could also be held criminally liable below Part 28 of the Securities Regulation Code (SRC) and should get penalized as much as 5 million pesos (Php 5,000,000) or imprisonment of twenty one (21) years or each pursuant to Part 73 of the SRC.

“Moreover, the names of all these concerned shall be reported to the Bureau of Inside Income (BIR) in order that the suitable penalties and/or taxes be correspondingly assessed,” the SEC said additional.

Anybody with details about Reposco Buying and selling operations & its brokers or representatives, can ship their report by way of e mail at [email protected].

Discover the SEC advisory here.

This text is printed on BitPinas: PH SEC Advisory Against New Investment Scheme REPOSCO TRADING