SEC Warns Public: Sophia Francisco Holding Continues Illegal Scheme Under ‘CRYPTOGIX’
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After issuing an Advisory against SOPHIA FRANCISCO HOLDING OPC / FINANCIAL CONSULTANCY SERVICES SOPHIA-FRANCISCO / SOPHIA FRANCISCO TRADING last September, the Securities and Exchange Commission (SEC) again released an Advisory against the latter because the firm’s illegal investment solicitation activities are apparently being continued under the name CRYPTOGIX.
According to the Commission, CRYPTOGIX is doing an exactly identical scheme with SOPHIA FRANCISCO HOLDING, such as:
- Allegedly offering investments to the public for a minimal amount of PHP590.00, with passive earnings as much as 100% for 90 days.
- A 5% referral fee is awarded to those who would be able to entice others to invest in CRYPTOGIX.
- Investors are encouraged to register an account with Binance for ease of transactions. Investors would be asked to purchase Binance USD (BUSD) through Binance and deposit BUSD to the designated Crypto Network address.
The regulatory agency also added that Sophia Francisco issued “Joint Venture Agreement” contracts through the official Facebook group to assure investors that they will be able to claim their earnings after the said 90-day lock-in period.
Currently, CRYPTOGIX is offering investments to the public through the official Facebook group, https://www.facebook.com/groups/444481784355191, and through a website, https://cryptogix.ph/.
“The records of the Commission show that CRYPTOGIX is not registered either as a corporation or as a partnership. Further, CRYPTOGIX is NOT AUTHORIZED to solicit investments from the public since it has not secured prior registration and/or license from the Commission as prescribed under Sections 8 and 28 of the SRC,” the Advisory read, since the Commission noted that the services that CRYPTOGIX is selling are considered securities in the form of investment contracts.
The SEC also warned those salesmen, brokers, dealers, or agents or claim to act as such SOPHIA FRANCISCO HOLDING OPC and/or CRYPTOGIX, in selling or convincing people to invest in the investment scheme being offered by the said entity including solicitations and recruitment through the internet may be prosecuted and held criminally liable under Section 28 of the SRC and penalized with a maximum fine of Five Million pesos (P5,000,000.00) or penalty of Twenty-one (21) years of imprisonment or both pursuant to Section 73 of the SRC.
“Hence, the public is advised NOT TO INVEST or STOP INVESTING in any investment scheme being offered by any individual, or group of persons, allegedly for or on behalf of CRYPTOGIX, and to exercise caution in dealing with any individuals or group of persons soliciting investments for and on behalf of it,” the regulatory agency concluded.
This is not the first time that an entity is using the name of crypto to sell securities and investment contracts. To know other Advisories against entities that did the said scheme, go to: https://bitpinas.com/tag/sec-advisory/
This article is published on BitPinas: SEC Warns Public: Sophia Francisco Holding Continues Illegal Scheme Under ‘CRYPTOGIX’
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.