Are you an into PLUGGLE? The Securities and Exchange Commission (SEC) has released an advisory for the general public regarding the online investment scheme.
In its advisory, the SEC’s Enforcement and Investor Protection Department stated the following:
“The public is hereby informed that PLUGGLE, INC., despite having been registered with the Commission as a corporation, is not authorized to solicit investments from the public as it has not secured the necessary license or permit from the Commission as required under Sections 8 and 12 of the Securities Regulation Code (SRC).
Consequently, those who act as salesman, brokers, dealers or agents of PLUGGLE, INC., in selling or convincing people to invest in the investment scheme being offered by PLUGGLE, INC. including solicitations or recruitment through the internet may likewise be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code and penalized with a maximum fine of Five Million pesos (P5,000,000.00) or penalty of Twenty One (21) years imprisonment or both pursuant to Section 73 of the SRC.
Accordingly, those who invite or recruit other people to join or invest in this venture or offer contracts or securities to the public may be held liable or accordingly sanctioned or penalized in accordance with the Supreme Court decision in the case of SEC vs. Oudine Santos (G.R. No. 195542, March 19, 2014).
Regarding the use of Bitcoin in the investment scheme, the public is further informed that pursuant to Memorandum Circular No. 944, s, 2017, “The Bangko Sentral does not intend to endorse any VC (virtual currency), such as bitcoin, as a currency since it is neither issued or guaranteed by a central bank nor backed by any commodity. Rather, the BSP aims to regulate VCs when used for delivery of financial services, particularly, for payments and remittances, which have material impact on anti-money laundering (AML) and combating the financing of terrorism (CFT), consumer protection and financial stability.”
In view thereof, the public is hereby advised to exercise caution before investing in these kinds of activities and to take the necessary precaution in dealing with PLUGGLE, INC. or its representatives.”
Download the advisory HERE.