Connect with us

Hi, what are you looking for?

News

SEC warns against Masa Mart investment schemes

THE Securities and Exchange Commission (SEC) has advised the public not to invest or stop investing in any scheme offered by Masa Mart Business Center after it has solicited investments without proper registration.

In an advisory posted on its website, the SEC said Masa Mart and its other entities such as Masa Mart Business Center OPC and Masa Mart Enterprise OPC are not authorized to solicit investments since they have not secured the necessary approval from the government.

The corporate regulator said Masa Mart and its entities have registrations with the SEC and the Department of Trade and Industry (DTI) as a one-person corporation, but need a different license to solicit investments.

“Such registrations merely grant juridical personalities to the entities but do not authorize them to issue, sell or offer for sale securities to the public nor undertake business activities requiring a secondary license from the commission,” the SEC said.

The SEC said it issued an advisory in April 2020, which also warned the public from investing in TBCMMP Masa Mart, Inc., due to its unauthorized subscription and gains program.

However, the commission said it had found out that Masa Mart Business Center and its related entities have implemented the same scheme and offers almost the same compensation plan as TBCMMP.

“Under this program, a member may invest for as low as P1,250 up to P500 million and promises, depending on the selected lock-in period (i.e., 3 months, 6 months, and 1 year), a return ranging from P2,746 up to P11.65 billion, respectively,” the SEC said.

“Similar to the TBCMMP scheme, a subscription entitles the investor to a ‘gain’ ranging from 30% monthly up to 2,561.81% per annum,” it added.

Further, the SEC said Masa Mart Business Center and its related entities also offer cryptocurrency, namely: the United Masa Coin or the XUM Coin. It is promoted via a software-controlled application called UmcUSDTbot.

However, the commission said Masa Mart and its related entities do not appear among the registered banks, exchanges or companies engaged in digital assets with the Bangko Sentral ng Pilipinas.

“Both United Masa Coin and XUM are also not included among the list of the generally accepted virtual currencies posted on the World Coin Index and Coin Market Cap websites,” the SEC said.

“It appears that no open exchanges allow the trading of United Masa Coin and XUM, so Masa Mart seemingly manages its own digital exchange platform contrary to the law,” it added.

Other programs offered by Masa Mart include the “P5,888 combo package,” where the investment gains P20,000 after six months, and a rollover program that promises an income of P100,000 to P12 million after two years.

According to the SEC, persons who invite or recruit members to join or invest in Masa Mart’s venture may be criminally charged in violation of Republic Act No. 8799 or the Securities Regulation Code, and can face penalties such as a fine of up to P5 million, a 21-year imprisonment, or both.

BusinessWorld sought the side of Masa Mart Business Center, which has not given a comment as of deadline time. — Revin Mikhael D. Ochave

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Latest

News

Infrastructure spending dropped for the fifth straight month in November amid the pandemic. — PHILIPPINE STAR/MICHAEL VARCAS By Beatrice M. Laforga, Reporter STATE SPENDING...

News

By Charmaine A. Tadalan, Reporter THE BICAMERAL Conference Committee on Tuesday approved the bill strengthening the anti-money laundering law, although a key amendment pushed...

News

The Health department on Tuesday reported 1,357 new coronavirus disease 2019 infections, bringing the total to 504,084. — PHILIPPINE STAR/MICHAEL VARCAS THE HOUSE Committee...

News

PLDT, Inc. said its fixed broadband download speeds have improved by 78% in 2020 after expansions and upgrades amid a pandemic crisis. Its wireless...

News

LISTED port operator International Container Terminal Services, Inc. (ICTSI) on Tuesday said it had completed a berth expansion project at the Manila International Container...

News

CEMEX Holdings Philippines, Inc. has positioned its large heating device as it builds the cement production line that would add 1.5 million metric tons...

You May Also Like

When people envision technology overtaking society, many think of The Terminator and bulletproof robots. Or Big Brother in George Orwell’s Nineteen Eighty-Four, a symbol...

Financial Advisors

Stock Markets9 hours ago (Jul 02, 2020 04:45AM ET) (C) Reuters. ROME (Reuters) – World food prices rose in June to post their first...

Economy

SAN FRANCISCO — The spread of the coronavirus has meant feast or famine for technology start-ups. While many are cutting staff and slashing costs...

Economy

In Wisconsin and Ohio, farmers are dumping thousands of gallons of fresh milk into lagoons and manure pits. An Idaho farmer has dug huge...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 Respect Investment. All Rights Reserved.