Infographic from Securities and Exchange Commission–Butuan Extension Office
The Securities and Exchange Commission–Butuan Extension Office warned residents of the Caraga Region against putting money into online and cryptocurrency investment schemes recently flagged in the area.
In an advisory issued Friday, the SEC-Butuan EO said BG Wealth Sharing Ltd., led by its founder Professor Stephen Beard, was not authorized to solicit investments in the Philippines.
“The BG Wealth Sharing Ltd. is not registered and has no license to solicit investments in the Philippines,” the advisory stated.
The commission cautioned the public against being enticed by promotional materials and guaranteed returns circulated by the group on social media platforms.
The scheme allegedly operated under the guise of cryptocurrency copy trading and promised a daily compounded return of 1.3 percent, requiring a minimum investment of $500 or about P30,000.
To help investors verify legitimacy, the SEC urged residents to use the SEC Check App available on Google Play and the Apple App Store to confirm company registrations.
The agency said it was coordinating with other government offices and local governments while urging the public to promptly report any information on unregistered or unlicensed online investment schemes.