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April 24, 2024

SEC flags six investment-taking entities

THE Securities and Exchange Commission (SEC) warned the public against unlicensed investment-taking activities of six entities that are not registered with the commission.

PPG Investment Group, Livewell Multi-Ventures, BlackRock, Perfx Solution Corp., Trading Basket, and Flipkart are not authorized to solicit investments from the public.

PPG Investment, also known as Conamor Shop, was found to be borrowing capital from investors to buy beauty products, which were then sold to consumers, earning the investors profit from resulting sales.

Meanwhile, Livewell Multi-Ventures solicits investments for its advertisements, trading, agriculture, manufacturing, and logistics operations, by offering three plans for as low as P500. The firm guarantees a fixed income return of 3% for 60 days or a total of 180% in two months.

The SEC also warned against BlackRock, which shares the same name as a multinational investment company. It was found to have been promising profit from “crude oil energy.” The real BlackRock, Inc. believes that the offering is an active scam, according to the regulator.

Separately, the commission found out that Perfx Solution and Trading Basket or Trading Philippines were the same entity as Trading Cartel, which the commission previously issued an advisory against.

On the other hand, Flipkart was accused of operating an “advance fee” scam, a type of fraud in which investors are promised a huge quantity of money in exchange for a small up-front payment.

The SEC advises the public to avoid entering similar arrangements and to report advance fee frauds or scams to the National Bureau of Investigation or the Philippine National Police’s Anti-Cybercrime Group.