SEC warns against Hoperices and 99 Dragons PH
THE Securities and Exchange Commission (SEC) cautioned the public against investing in Hope-rices Investment and 99 Dragons PH as their investment-taking activities are unauthorized.
In an advisory posted on its website, the SEC said that Hoperices Investment claims to be a “smart agriculture-sharing and entrepreneurship online platform” launched by Liberty Group Ltd. in the United States that offers investment plans to the public.
Hoperices offers two investment packages via its online platform, with the first package promising a 20% return with a P640 investment, and the second package vowing a 50% return with a P1,700 investment.
“The public is strongly advised not to invest or stop investing in any scheme offered by Hoperices Investment or such other entities similarly engaged in investment contracts without prior registration from the commission,” the SEC said.
“The public is again reminded that investing in such an unregulated entity lacks investor protection because it is not covered by prudential and market conduct requirements applicable to licensed and authorized operations,” the corporate regulator added.
In a separate advisory, the SEC said that 99 Dragons PH allegedly entices the public to invest in the entity’s three programs: simple, level up, and supreme.
According to the SEC, the entity claims that “professional traders and asset managers” are managing the investment and are enticing the public via its website and social media.
The entity urges investments to invest money ranging from P1,000 to P1 million with a guaranteed profit varying from 125% to 200% in just 10, 20, and 30 days, respectively. The entity also offers a referral bonus equivalent to 10% of the investment received from the referrals made by the members.
“The scheme employed by 99 Dragons PH has the characteristics of a Ponzi scheme where money from new investors are used in paying fake profits to prior investors and is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent participants if new investors become scarce,” the SEC said.
“Based on the commission’s database, 99 Dragons PH, is not registered as a corporation or partnership and operates without the necessary license and/or authority to solicit, accept or take investments/placements from the public nor to issue investment contracts and other forms of securities defined under Section 3 of the Securities Regulation Code,” the corporate regulator added. — Revin Mikhael D. Ochave
