SEC warns on unregistered mining entity

THE Securities and Exchange Commission (SEC) has warned the public not to invest in Oriental Peak Mining as the entity is operating without business registration.

In its review, the regulator found out that the entity has been soliciting investments for its supposed nickel mining operations.

Investors are asked to place their investments online at an amount ranging from P500 to P1 million with a promise of up to 5% daily profit for 60 days or a total earning of 300% in just 60 days.

According to the SEC, the entity’s offer has been modified to a daily profit of 5% for 45 days or total earnings of 225% in 45 days.

The regulator also said that a person named Ranillo Paz, who identifies himself as the entity’s president, offers a 15-day payout where investment will be doubled in 15 days.

The SEC identifies the scheme adopted by the entity as a fraudulent transaction as it involves the solicitation, offering and selling of unregistered securities in the form of an investment contract which violates sections 8, 12 and 28 of the Securities and Regulation Code (SRC).

The commission warned entities and individuals that strict penalties are imposed for violations of the SRC, the Revised Corporation Code of the Philippines and other laws it enforces.

It added that the salesmen, brokers, dealers or agents of Oriental Peak who will convince their clients to invest in their offered scheme may be prosecuted and held criminally liable under the SRC with a maximum fine of P5 million or a penalty of 21 years of imprisonment.

The SEC is asking the public to report any information regarding the solicitation of Oriental Peak and its president to the commission’s Enforcement and Investor Protection Department.

The warning comes after the SEC earlier this week warned the public against the investment-taking activities of Trading Cartel and Lele Gold Farm as the entities are not registered with the regulator.

In its verification, the regulator found out that the people affiliated with Trading Cartel had been promising a return of 5%-10% monthly interest.

The SEC said that since Trading Cartel’s scheme involves the sale of securities, the entity is required to register the securities with the regulator and its agents must also have the appropriate license to sell.

Meanwhile, Lele Gold Farm is a mobile application that offers the public “the luxury of earning while playing the games.” It also uses the names Lele Gold Coin and Gold Farm. — Justine Irish D. Tabile