Connect with us

Hi, what are you looking for?


SEC warns public about three unlicensed investment-takers

IN separate advisories, the Securities and Exchange Commission (SEC) has warned the public not to invest in CashBaka, Hero Mining International Group, and as the three entities have not secured the license to solicit investments.

According to the regulator, the three are neither registered as a corporation nor a partnership with the SEC. It also found them to have been soliciting investments without securing the necessary license as prescribed under the Securities and Regulation Code.

CashBaka has been promising the public a 150% to 200% interest within 30 days and a return of capital within 15 days. Investors who put in P500 are promised to get a P25 income per day, while those who put in P10,500 are told to expect a P2,170 income per day.

Meanwhile, Hero Mining offers seven investment options to its investors, starting from $10 up to $789, depending on the chosen scheme. Investors are promised to earn from P1,000 up to P144,905 with a 60% bonus from the profit of every successful recruit.

BitBank has been enticing the public to invest in its virtual currency called BBT.

According to the SEC, the entity has been promising a guaranteed profit through commissions with an initial capital of $100 to $5,000 in the form of a US dollar-pegged cryptocurrency like Tether.

Investors of BitBank were also promised referral bonuses each time they successfully recruited an individual to invest.

In a separate advisory, the commission also warned the public to not engage in advance-fee loan scams wherein victims are asked to pay a certain amount in exchange for the release of a loan.

“An advance-fee scam is a form of fraud and one of the most common types of confidence trick,” the SEC.

According to the regulator, the scam promises the victim a large sum of money, in return for a required small up-front payment.

“If a victim makes the payment, the fraudster either invents a series of further fees for the victim or simply disappears,” the SEC explained.

The commission said that people who are engaged in these scams are liable for the violation of Article 315 on swindling under the Revised Penal Code of the Philippines. — Justine Irish D. Tabile

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



By Kyle Aristophere T. Atienza, Reporter THE PHILIPPINES under President Ferdinand R. Marcos, Jr. would probably keep close economic ties with China despite a...


THE PHILIPPINE Justice department has invited a forensic expert from the United Nations (UN) to improve local capacity in investigating extrajudicial killings in connection...


A CIVIC group on Sunday asked the Bureau of Internal Revenue (BIR) to be fair in its clampdown against tax evaders, citing the tax...


THE PHILIPPINE legislature, with majority of both chambers allied with the Marcos administration, should exercise its authority as an independent body in keeping watch...


SENATOR Sherwin T. Gatchalian has filed a resolution to look into the implementation of a law that protects students from bullying and other forms...


THE HOUSE Speaker on Sunday directed the agriculture and food committee to conduct a probe and possibly recommend the filing of charges against alleged...

You May Also Like


Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...


The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.