THE Securities and Exchange Commission (SEC) recently issued an advisory against an entity called Requiza Poultry/Requiza Poultry, which is claiming to be registered with the Department of Trade and Industry under the business name Requiza Agriculture Products Trading.
Based on reports, Requiza Poultry/Requiza Farm/Requiza Agricultural Products Trading offers to the public an investment with a promise of return of 40 percent to 50 percent of the capital every 60 days.
In its website, Requiza Poultry said it is engaged in the poultry business and promises the public a 50 percent guaranteed return of their investments.
The scheme being employed by entity is to entice the prospective investors to purchase a minimum of 35 chicks for P3,500 and just wait for a period of 60 days to get back the amount invested and harvest their rewards of up to 50 percent of the capital.
In a post in its Facebook account, the Requiza Poultry further solicits investment by its referral bonus program.
"The public is hereby informed that Requiza Poultry/Requiza Farm/Requiza Agricultural Products Trading is not registered with the SEC either as a corporation or a partnership," SEC stated.
It added that the entity is not authorized to solicit investments from the public, as it did not secure prior registration and/or license to solicit investment from the commission.
The SEC further stated that those who act as salesmen, brokers, dealers or agents of Requiza Poultry/Requiza Farm/Requiza Agricultural Products Trading in selling or convincing people to invest in the investment scheme being offered by the said entity, including solicitations or recruitment through the internet, will be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code (SRC) and penalized with a maximum fine of P5 million or a maximum penalty of 21 years of imprisonment or both pursuant to Section 73 of the SRC.
Those who invite or recruit other people to join or invest in this venture or offer investment contracts or securities to the public will also be held criminally liable or accordingly sanctioned or penalized.
The names of all those involved will be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes may be correspondingly assessed.
"The public is hereby advised to stop investing in these kinds of activities and to take the necessary precaution in dealing with Requiza Poultry/Requiza Farm/Requiza Agricultural Products Trading," SEC said.
The SEC also encouraged those who have any information regarding the operation of the subject entity to call the Enforcement and Investor Protection Department at telephone numbers 818-6047.