May 20, 2020 – The Philippines Securities and Exchange Commission (SEC) has warned the public against PAYADSTARS/PAY AD STARS, which is enticing the public to invest their money in the said entity without the necessary licenses to do so.
The SEC gathered reports from the public and Facebook postings and found out that PayAdStars is promising an earnings return of 1.8% – 2% daily in 100 days, equivalent to 180% – 200% in a period of 100 days.
PayAdStars has 3 types of entry plans where users can earn direct referral ranging from 1% – 7%
- Plan Alpha
- 1.8% daily
- in 100 days
- Min 10 – 1000
- Plan Beta
- 1.9% daily
- in 100 days
- Min 1001 – 5000
- Plan Chrome
- 2% daily
- in 100 days
- 5001 above
SEC said a recent post from PayAdStars announced its latest scheme – a promise of earnings return of 0.158%, 0.162%, and 0.166% hourly in 30 days. The new entry plans are Silver, Gold, and Platinum.
The scheme of PayAdStars, SEC said, involves the offering and sale of securities in the form of investment contracts to the public. Sale of securities must first be duly registered with the Commission and its agents must have the necessary license to sell these securities in accordance with the Securities Regulation Code (SRC).
SEC confirms that PayAdStars is not registered as a corporation or partnership with the Commission and does not have a secondary license to solicit, accept, or take investments from the public.
The public is advised to stop investing in the investment scheme offered by PayAdStars and its representatives. The Commission also advised the public to stop investing in schemes that promise ridiculous rates of return with little or no risks or show any other indications or characteristics of a Ponzi scheme.
Check this article for the list investment schemes flagged by the SEC:
SEC also reminds the public that the recently-passed Bayanihan to Heal as One Act also punishes those participating in cyber incidents that make use or take advantage of the current crisis situation to prey on the public through scams, phishing, fraudulent emails, or other similar acts.
In accordance with the SRC, representatives of PayAdStars may be criminally prosecuted and penalized with a maximum fine of 5 million pesos or a penalty of 21 years of imprisonment or both. The names of those involved will be reported to the Bureau of Internal Revenue (BIR).
Read the entire SEC advisory here.
This article is published on BitPinas: Philippines SEC Advisory on PayAdStars
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