BUTUAN City – The Securities and Exchange Commission-Butuan Extension Office (SEC-Butuan EO) issued an advisory on Friday warning residents of Caraga Region not to invest in online and cryptocurrency investment schemes that have recently been monitored in the area.
In its advisory, the SEC Butuan EO stated that BG Wealth Sharing Ltd., represented by its founder, Professor Stephen Beard, has no license to solicit investments in the Philippines and urged regional residents not to invest in the online investment.
“The BG Wealth Sharing Ltd. Is not registered and has no license to solicit investments in the Philippines,” it said.
The agency advised residents to be cautious of the promotions and guaranteed returns on investments shared by BG Wealth Sharing Ltd. on social media.
The scheme offers investment opportunities disguised as cryptocurrency copy trading, promising 1.3 percent daily compounded interest with a minimum investment of USD500, or an equivalent of PHP30,000.
The SEC-Butuan EO also asked residents to download the SEC Check App from the Google Play Store or the Apple App Store to verify the SEC registrations of groups or companies offering investments to the public.
“We are currently coordinating with the other agencies and the local government units in the region to widen our information dissemination,” the agency said.
The agency also called on the public to immediately report any information or knowledge on unregistered or unlicensed online cryptocurrency investment schemes. (PNA)
