SEC Tags OTCJKE Platform as Probable Ponzi Scheme, Urges Caution

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The Securities and Exchange Commission (SEC) has warned the public against investing in OTCJKE/OTC AUTOMATED TRADING PLATFORM/ JKE INTERNATIONAL LIMITED. 

The entity, which claims to be a high-frequency trading encryption platform, has been enticing people to invest in its operations with promises of daily earnings of between 3% and 8% that can be withdrawn at any time through a crypto wallet or G-cash account.

Breath-to-earn? SEC flags a fake crypto firm with a tagline “making money is easy as breathing.”

According to the SEC, OTCJKE/OTC AUTOMATED TRADING PLATFORM/ JKE INTERNATIONAL LIMITED is not registered with the Commission and is therefore not authorized to solicit investments from the public. 

Furthermore, the transactions entered into through the company’s online trading platform are considered securities in the form of “investment contracts” that must be registered with the Commission, the regulator stated.

The SEC warns that the investment scheme offered by OTCJKE/OTC AUTOMATED TRADING PLATFORM/ JKE INTERNATIONAL LIMITED has the characteristics of a Ponzi scheme, with promises of high returns with little to no risk to investors. The offering and selling of investment contracts using a Ponzi scheme is illegal and anyone who acts as an agent for OTCJKE/OTC AUTOMATED TRADING PLATFORM/ JKE INTERNATIONAL LIMITED may be prosecuted and face criminal liability.

“Those who act as salesmen, brokers, dealers or agents or claim to act as such for OTCJKE/ OTC AUTOMATED TRADING PLATFORM/ JKE INTERNATIONAL LIMITED in selling or convincing people to invest in the investment scheme being offered by 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,” SEC said.

The public is advised not to invest in any investment scheme being offered by OTCJKE/OTC AUTOMATED TRADING PLATFORM/ JKE INTERNATIONAL LIMITED and to exercise caution when dealing with anyone soliciting investments on its behalf.

Find more SEC advisories here: https://bitpinas.com/tag/sec-advisory/

This article is published on BitPinas: SEC Tags OTCJKE Platform as Probable Ponzi Scheme, Urges Caution

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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