Securities and Exchange Commission bares bogus scheme

MONTHS after a public advisory was issued against Boilerpreneur Corporation, the Securities and Exchange Commission (SEC) has received reports that the said entity is also operating under the names of Broiler Entrepreneurship Agriventures Incorporated and Super Livestock Holdings Inc.

The said entities, according to SEC, are also employing the same fraudulent investment schemes used by Broilerpreneur Corporation.

Based on information gathered and verified by SEC, Broiler Entrepreneurship and Super Livestock are enticing the public to invest by purchasing a minimum of 20 chicks worth P1,000 with a guaranteed profit of 100 percent in 60 days.

According to SEC, even that the aforementioned two entities are registered with the commission as corporations, they are "not authorized to offer, solicit, sell, or distribute any investment/securities to the public."

It said such activities will require a secondary license from the SEC, and the securities or investment product should be registered with the agency before they can be offered or sold to the public.

"In view thereof, the public is hereby advised to stop investing in the investment schemes being offered by Broilerpreneur Corporation, Broiler Entrepreneurship, and Super Livestock," the SEC stated.

It added that those who act as salesmen, brokers, dealers, or agents of Broiler Entrepreneurship and Super Livestock in selling or convincing people to invest in their investment schemes, including solicitations or recruitment via the internet, will be penalized with a maximum fine of P5 million, or a maximum penalty of 21 years of imprisonment, or both.

The names of all involved with the aforementioned entities will be reported to the Bureau of Internal Revenue (BIR) so that appropriate penalties and/or taxes can be correspondingly assessed, it added.

The commission also encouraged those who have information regarding the operation of the said entities to call the Enforcement and Investor Protection Department at their contact numbers: 818-6047.


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