SEC warns investors vs SparkFX Bitcore, Prime Asset

THE Securities and Exchange Commission (SEC) has warned the public against investing in SparkFX Bitcore and Prime Asset.

 In two separate advisories on its website, the corporate regulator said that SparkFX Bitcore and Prime Asset are not registered as corporation nor partnership.

 The SEC said that SparkFX Bitcore is allegedly engaged in trading, investing, and mining of cryptocurrency.

 The entity offers three types of trading plans consisting of a commercial plan where a person can invest a minimum of $200 and earn $2,000 during a six-hour plan duration; premium plan with a minimum of $1,000 investment and earn $10,000 during a 12-hour plan duration; and gold plan with a minimum of one bitcoin investment and earn 10 bitcoins during a seven-day plan duration.

 “In view thereof, the public is hereby advised not to invest or to stop investing in the investment scheme being offered by SparkFX Bitcore, and its representatives,” the SEC said.

 The SEC also said that Prime Asset reportedly offers two package plans: emerald plan and sapphire plan.

 The emerald plan has a minimum investment amount of P500 up to P50,000, while the sapphire plan has a minimum investment amount of P1,000 up to P100,000.

 Investors could earn 50% after nine days under the emerald plan and 120% after 20 days with the sapphire plan.

“An investor can also earn 10% direct referral bonus, 3% indirect referral bonus for first level and 2% indirect referral bonus for 2nd level. If the investor is a team leader they may also get 5% monthly sales commission,” the SEC said.

 “The public is being made aware that an investment contract exists when there is an investment or placement of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others which is prominent in the scheme of Prime Asset,” it added. — Revin Mikhael D. Ochave