The Philippines Securities and Exchange Commission (SEC) released an advisory against 247STOCKTRADEFX for operating without the necessary license and authority from the Commission to operate and solicit investments in the Philippines.
247STOCKTRADEFX head office is located in Liverpool, Australia and they are offering investments that promise huge returns that guarantees pay-out for its investors which is “too good to be true.”
According to SEC, 247STOCKTRADEFX is clearly against the Section 8 of the Securities Regulation Code (SRC) which requires all offers and sales of securities must be duly registered with the Commission.
Further, SEC records show that even their brokers, agents, account managers, and representatives are not duly registered or have the appropriate license to sell or offer such securities to the public.
SEC also added that “247STOCKTRADEFX is not also registered as a Virtual Asset Service Provider (VASP) with the Bangko Sentral ng Pilipinas (BSP) and doesn’t have the Certificate of Authority as a Money Service Business as required under Circular No. 1108, series of 2021, or the Guidelines for Virtual Asset Service Providers.”
SEC advised the public to stop investing in any investment offering under 247STOCKTRADEFX as it is clearly a ponzi scheme and it is not sustainable for the long term. SEC also emphasized that those people or entities selling securities under 247STOCKTRADEFX will not be issued a license to sell.
SEC is informing the public to be mindful of any investments and exercise due diligence before people place their hard-earned money that promises huge returns without any classified information or with little risk.
Those people who are still acting as agents, brokers and account managers of 247STOCKTRADEFX and convincing people to invest may likewise be criminally prosecuted and penalized with a maximum fine of Five Million Pesos (P5,000,000) or a penalty of Twenty-one (21) years of imprisonment or both pursuant to Sections 28 and 73 of the SRC.
The names of those involved will be reported also to Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be assessed correspondingly as stated by SEC.
This article is published on BitPinas: SEC Advisory Against 247STOCKTRADEFX