SEC Advisory Against BitAccelerate, Jams Mart, Solmax Global, Igniter 100

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February 24, 2021 – The Securities and Exchange Commission of the Philippines (SEC) has issued an advisory against multiple crypto, crowdfunding, and franchising schemes for operating without the necessary license and authority to solicit investments from the public and to sell unregistered investment contracts.

In a press release that was sent to BitPinas, the SEC said that it issued separate advisories cautioning the public against dealing with the following entities: Jams Mart, Somax Global Limited and Igniter 100, and BitAccelerate.

The SEC said that the three entities do not have the necessary licenses to offer securities for sale in the country. 

Jams Mart

The SEC said that Jams Mart’s scheme is to offer the investor to co-own a Jams Mart outlet with an investment of at least Php 75,000 in exchange for 5% of shares. This 5% share has a “guaranteed” monthly interest of 7% or atleast Php 5,250, as well as monthly sale shares of Php 4,750 and a fixed dividend of Php 4,750, for a total annual return of Php 225,000.

The investor may also choose to avail a 100% franchising agreement for Php 1.5 million, entitling the investor to a 10% monthly interest and 15% share in monthly earnings.

Solmax Global, Igniter 100

The SEC said both entities are enticing the public to invest in its Initial Coin Offering (ICO) through its Filipino Independent Marketing Parners (IMP).

The ICO is supposedly involving the cryptocurrency called “Equity Token” Investment packages range from = £25 to £5,000 with a total guaranteed passive income of 1% per day for a total of 200% for 2000 days. Investors can increase their returns to 2% per day for 100 days if they can invite 3 more people into the scheme.

The entities, the SEC claims, are claiming they have legitimacy abroad, but the Commission warns that they don’t have a license to conduct an ICO in the Philippines. “They are neither included among the registered banks, exchanges, or companies engaged in digital assets with the Bangko Sentral ng Pilipinas.”

BitAccelerate

BitAccelerate claims to be operating an international crowdfunding platform that provides long-term active and passive income. 

“Investors could supposedly generate income from BitAccelerate’s compensation plans, depending on the number of referrals and/or membership fees they have gathered. The investor will then be asked to download the Telegram app, where they could input their investments through the BitAccelerate Bot.”

Securities and Exchange Commission

The SEC said BitAccelerate is claiming that investors could generate up to 350% maximum passive income, or about 2% to 8% daily profit. The Commission said that the entity’s so-called smart contract partakes of the nature of securities through an investment contract. Investors need not exert any effort other than to invest or place money for them to earn a profit, the SEC added.

The SEC concluded that the above entities, their recruiters, salesmen, brokers, dealers, and agents are in violation of the country’s Securities Regulation Code (SRC) and other laws and has warned that the organization and the persons involved may incur criminal liability, may be sanctioned or penalized.

The Commission advised the public to not invest or stop investing in any scheme offered by Jams Mart, Solmax Global, Igniter 100 and BitAccelerate. 

BitPinas strongly encourages all readers to heed the advice of the SEC in these matters.

This article is published on BitPinas: SEC Advisory Against BitAccelerate, Jams Mart, Solmax Global, Igniter 100

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]