THE Securities and Exchange Commission (SEC) is warning the investing public against an unauthorized entity promising lucrative returns.
“The commission was made aware of the illegal investment-taking activities of 3X1 Marketing Services/Leovic 3X1 Wellness and Beauty Center owner and operated by Leovic Nachor Montemayor,” the SEC said in an advisory dated July 8.
The Montemayor-led entity attracts investors by offering a passive income program, which promises a 210% return within 35 days or six percent daily.
It also has other programs to entice would-be investors.
One can put in as low as P1,500 for “binary products” and earn 10% in a direct referral bonus. For another program called “Task, Captcha,” 3X1 Marketing Services said an account worth P1,500 may earn P1,500 to P1,950 in 15 days by captcha encoding and by performing an “undisclosed task.”
Leovic 3X1 Wellness and Beauty Center holds a Certificate of Business Name Registration from the Department of Trade and Industry with BN 2911692, which was issued to Mr. Montemayor on May 15. However, the entity is still not authorized to collect investments as a registration or a license from the commission is still needed.
3X1 Marketing Services/Leovic 3X1 Wellness and Beauty Center is not registered with the commission as a corporation or as a partnership. The SEC said none of the two have a license to collect investments and these are also not registered as a crowdfunding intermediary or a funding portal.
BusinessWorld sought comment from the entity through 3X1 Marketing on Facebook, but it has yet to respond as of press time.
“The commission warns all unscrupulous individuals and/or entities that strict penalties are imposed for violations of the Securities Regulation Code (SRC), the Revised Corporation Code, and such other rules and regulation enforced by the commission,” the corporate watchdog said.
Those who act for 3X1 Marketing Services/Leovic 3X1 Wellness and Beauty Center in collecting investments from the public may be prosecuted or held criminally liable, the SEC said. Persons may be fined a penalty fee worth P5 million at most and/or face 21 years behind bars.
“In addition, the names of all those involved will be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed,” the SEC said.
The commission also calls on the public to not invest in or stop investing in 3X1 Marketing Services/Leovic 3X1 Wellness and Beauty Center. Those with information about the entity’s operations are also called on to report these to the SEC. — Keren Concepcion G. Valmonte