THE Securities and Exchange Commission (SEC) issued a scam warning alert against two companies that are illegally soliciting investments from the public.
The corporate watchdog warns the public against Terramush Co. and GoShop PH that are offering investment products without the necessary regulatory licenses.
Terramush Co. claims to serve as a platform to educate Filipinos about the financial and health benefits associated with mushrooms and as a means to distribute a variety of mushroom-fruiting bags, purportedly allowing its members to simultaneously profit from purchasing these bags.
It allegedly offers different ways to earn with a minimum amount of P300 for a guaranteed 2.5 percent daily income in a 64-day lock-in period.
GoShop PH, on the other hand, is engaged in a scheme known as “Tasking and Recharging” where the public is offered online jobs in the guise of performing certain tasks for a promise of receiving monetary rewards or commissions but with a requirement of additional funding or “recharging” from the investor-victims before enabling them to withdraw their supposed earnings.
According to the SEC, some of these groups’ investment schemes or actions resemble a pyramid/Ponzi scheme, where investors earn through recruitment fees instead of the sale of actual products/services, and investors are paid using the contributions of new members.
SEC said it remains committed to stamping out illegal investment-taking activities through financial literacy campaigns and advisories to the public.