SEC Issues Public Advisory Against Trading Cartel

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  • The SEC issued a warning against TRADING CARTEL for their illegal investment-taking activities, which involve promising a return of as much as 5% – 10% monthly interest.
  • The SEC advises the public to not invest or stop investing in any investment scheme being offered by individuals claiming to be connected with TRADING CARTEL
  • This advisory follows an earlier warning against Lele Gold Farm, a mobile application that was also found to be operating as a Ponzi scheme.

In a recent advisory, the Securities and Exchange Commission (SEC) has warned the public about the illegal investment-taking activities of TRADING CARTEL. The Commission received reports and inquiries from the public about individuals affiliated with TRADING CARTEL, who promise a return of as much as 5% – 10% monthly interest.

Investigations by the SEC revealed that TRADING CARTEL is not registered with the Commission as a corporation or partnership, and is not authorized to solicit investments from the public.

The scheme allegedly propagated by these individuals involves the offering and selling of securities in the form of Investment Contracts, which the Securities Regulation Code (SRC) requires to be duly registered with the Commission, and the concerned corporation and/or its agents should have appropriate registration and/or license to sell such securities to the public.

The SEC advises the public not to invest or stop investing in any investment scheme being offered by individuals claiming to be connected with TRADING CARTEL. The Commission also encourages the public to report any information regarding any investment solicitation by any individuals or group of individuals claiming to represent TRADING CARTEL to the EIPD at epd@sec.gov.ph.

This advisory comes shortly after the SEC issued another warning against Lele Gold Farm, a mobile application that promised luxurious earnings through playing games, which was found to be operating as a Ponzi scheme. The Lele Gold website has posted a statement on January 17, 2023, stating that “Lele Gold together with 888 Casino has now officially shut down“ after the SEC advisory.

Lele Gold Farm Coverage:

Read more SEC Advisories Here.

This article is published on BitPinas: SEC Issues Public Advisory Against Trading Cartel

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.

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