The Securities and Exchange Commission is cautioning the public against investing in Hoperices and 99 Dragons PH.
The SEC issued a warning to the public about investing in Hope-rices Investment and 99 Dragons PH, as their investment activities are not authorized.
The SEC issued a warning on their website about Hoperices Investment, which is marketed as a digital platform for smart agriculture and entrepreneurship by Liberty Group Ltd. in the US. This platform offers investment opportunities to the general public.
Hoperices provides two investment options through its website. The first package guarantees a 20% return for an investment of P640, while the second package promises a 50% return for a P1,700 investment.
The SEC warned the public against investing or continuing to invest in any schemes offered by Hoperices Investment or similar entities without having prior registration from the commission.
The corporate regulator emphasized once more that investing in an unregulated entity does not provide investor protection as it is not subject to the rules and regulations that licensed and authorized operations must follow.
According to a separate statement from the SEC, 99 Dragons PH is accused of luring the public to invest in three of its programs: simple, level up, and supreme.
Based on the SEC, the organization asserts that experienced traders and asset managers are handling the investment and are luring the general public through their website and social media platforms.
The organization encourages individuals to put money into investments ranging from P1,000 to P1 million, with a guaranteed return of 125% to 200% in only 10, 20, and 30 days. Additionally, the organization provides a referral bonus of 10% of the investment received from members’ referrals.
The SEC stated that the tactics used by 99 Dragons PH resemble a Ponzi scheme, in which funds from new investors are used to pay false profits to previous investors. This scheme primarily benefits the top recruiters and those who took on high risks, while potentially causing harm to future participants if there is a lack of new investors.
According to the commission’s records, the company 99 Dragons PH is not officially registered as a corporation or partnership. Additionally, they do not have the proper license or authority to collect investments from the public, or to issue investment contracts and other securities as defined in Section 3 of the Securities Regulation Code. This information was provided by the corporate regulator, Revin Mikhael D. Ochave.