SEC warns vs two unauthorized securities sellers

THE Securities and Exchange Commission (SEC) advised the public to stop investing in casino- and cryptocurrency-related company The Peak Finance Consultancy Services as it deals with unauthorized selling of securities.

In an advisory on Tuesday, the SEC said The Peak Finance is not registered with the regulator and is unauthorized to solicit investments from the public as it has not secured prior registration or license as prescribed under Section 8 of the Securities Regulation Code (SRC).

Section 8 of the SRC says that securities should not be sold or offered for sale or distribution within the Philippines without a registration statement duly filed with and approved by the commission.

The Peak Finance promises investors a 20% interest from initial contribution within 35-45 days; 500% from initial contribution in one year for cryptocurrency; 120% in six months for property lock-in; 20% interest from initial contribution in 35-45 days; and 300% interest from initial contribution in one year for cryptocurrency.

The company offers various investment opportunities such as vehicle pawning, property pawning, currency trading, crypto mining, and a table junket sharing program. The proposed investment schemes are available on its website.

“In view thereof, the public is hereby advised to exercise caution in dealing with any individual or group of persons soliciting investments for and on behalf of The Peak Finance or The Peak Finance Consultancy Services,” the advisory read.

The SEC further said that those who act as salesmen, brokers, dealers, or agents of the said entity may be held criminally liable under Section 28 of the SRC and be penalized with a maximum fine of P5 million or imprisoned for 21 years.

ASJ FOREX GLOBAL LTD.
Separately, the SEC also advised the public not to invest or to stop investing in the securities being offered by ASJ Forex Global Ltd. or its representatives.

The regulator said ASJ Forex claims to be “one of the leading online brokers, offering Forex Exchange and contracts for difference on over 40 trading goods, to more than 5,000,000 clients in nearly 190 countries worldwide.”

ASJ Forex also claims that it has been repeatedly ranked among the top forex brokers in the industry, the SEC added.

The entity offers investments to the public with a minimum amount of $30, which is said to earn 8% up to 20% daily of the trade amount.

Investors are also promised to earn commission through referrals from 4%, 8%, and 16% and can invest through the MetaTrader 5 platform.

The SEC identified the described scheme as a form of offering and selling of securities to the public. It said the SRC requires these securities to be duly registered and the concerned corporation to have the appropriate license to sell.

The regulator said records show that the entity is not registered with the commission either as a corporation or as a partnership, thus it is not authorized to solicit investments from the public.

The SEC said that it does not allow the registration of foreign exchange in the nature of commodity financial futures contracts, contracts for difference, and other similar highly volatile and risky derivatives.

“The public trading thereof and pertinent rules governing these securities, remain suspended pursuant to Rule 11 of the 2015 Implementing Rules and Regulation (IRR) of the SRC,” the SEC said. — Justine Irish D. Tabile