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SEC flags partnership for illegal investment scheme - BusinessWorld Online

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The Securities and Exchange Commission (SEC) announced that it revoked the registration of Katuwang Poultry Chicken Egg Producing Co. as a partnership due to its illegal investment scheme. READ:

The SEC said in an advisory posted on Wednesday that Katuwang Poultry had been publicly offering securities to the public through Facebook without license or permission from the commission.

“For instance, investors with P50,000 to P99,000 in capital can receive monthly dividends worth 8%, while those who invested more than P500,000 can earn monthly dividends of 20% over the course of six months. Investors can also earn referral commissions worth 10% for every new member they invite into the system,” it added.

“As a form of security, investment contracts must be registered with the SEC before they can be sold or offered within the Philippines,” it added. “Based on the evidence gathered, Katuwang Poultry is engaged in the offering, solicitation and sale of securities to the public without the required registration statement duly filed and approved by the SEC,” the advisory read.

 

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