Philippines Regulator Warns Crypto Scammers
Crypto Scammers will Face 21 Years in Prison!!!
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Have you heard the news on Philippine TV about an investment scam that uses bitcoin as their media of investment? As I remember, it collected Millions of pesos from investors. Scammers and frauds are selecting their target closely and they follow today's trend just to lure investors. Bitcoin is very attractive and also promising and they use it to lure people.
How does this happened?
Investment contracts were offered through facebook page and close groups. They promise an investment which yields up to 200% per month. Wow, that is a great percentage and so very attractive. As for me, that scheme is so good to be true but, I don't know why people get involve in this fake promises. Well, its their decision and only they know.
Security Exchange Commission (SEC) issued an advisory to "Onecash". it is a digital trading platform that offers 200% return in just a week. With just an initial deposit of Php1,000 ($50), many has encourage to joined the trading platform because it was cheap. This is what scammers play, they were active at soliciting investment to general public with false and so good to be true returns. At first, investment returns were true. This is their game to influence investors that it is true and somehow gather investor by means of testimonies in which they legibly got high returns. People will see the investment legit based on what they heard and see (testimonies from investors) and they will tend to increase their investment to have higher return in exchange. After the scammer get the trust of the public, they just disappear together with their solicited investment. Investors will be left with nothing in return.
As of now, there are total of 14 online investment entities that were closely monitored and scrutinized by SEC.
What they do to Crypto Scammers?
SEC urged the public to be wary of 14 unregistered online investment schemes that promises unrealistic returns.
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Any individual or promoter appearing as dealers, salesman, agents or brokers of these ling of schemes to solicit investment or recruit investors are liable to be criminally prosecuted and "penalized with maximum fine of 5 Million Pesos (PhP5,000,000.00) or imprisonment of twenty-one (21) years or both.
From the advisory issued by SEC, it also warned public to be wary of rampant internet-based bitcoin and cryptocurrency Pozi schemes that offers similar high-yield, low-risk returns and offers incentives in commissions in new investors.
Wow, It feels more secure now that law makers are doing something on this new scammers. Now, they will be treated as criminal and be penalized of great amount of fine. Hope it will lessen the scammers.
Here are my sources and related articles:
https://www.ccn.com/philippines-crypto-scammers-face-21-years-in-prison-warns-regulator/
https://finance.yahoo.com/news/crypto-scammers-face-21-years-170326740.html
https://www.coindesk.com/crypto-fraudsters-face-jail-time-warns-philippines-securities-regulator/
https://businessdigit.com/crypto-scammers-face-21-years-in-prison-warns-the-philippine-regulator/
http://www.easybranches.com/online-marketing/849332
http://www.newslocker.com/en-us/news/cryptocurrency/crypto-scammers-face-21-years-in-prison-warns-philippines-regulator/
Best Regards,
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