THE Securities and Exchange Commission (SEC) has warned the public against some individuals or group of persons representing Weeclick Club, whose investment scheme is done online.
According to information received by SEC, Weeclick entices the public to invest by offering membership packages or accounts worth P500 (Paylite) and P1,000 (Advance) wherein a member can earn P2.50 per captcha maximum of 10 captcha (P25), or 20 captcha (P50), respectively.
The investment scheme also involves an offer of P500 minimum withdrawal per account. A member needs to invite two people in order to payout and there is a total of 110 percent on ads clicking.
According to SEC, Weeclick is not registered as a corporation or partnership and is not authorized to offer, solicit, sell or distribute any investment/securities to the public.
The commission said the aforementioned activities require a secondary license from the agency and the securities or investment product should likewise be registered with SEC before they can be offered or sold to the public.
"The public is hereby advised to stop investing in the investment schemes being offered by Weeclick," SEC said.
Those who act as salesmen, brokers, dealers or agents of Weeclick in selling or convincing people to invest in their investment schemes, including solicitations or recruitments through the internet, will be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code, and penalized with a maximum fine of P5 million, 21 years of imprisonment, or both.
Furthermore, the names of all those involved will be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed.
The SEC also encouraged the public to call the Enforcement and Investor Protection Department for any information regarding the operation of Weeclick.