The Securities and Exchange Commission (SEC) once again raised a warning against investing to Paysbook E-Commerce System Corp., because they do not have the required license to solicit these investments.
The said announcement was posted on the SEC website. According to the SEC’s Enforcement and Investor Protection Department, they have received information claiming that Paysbook has settled their issues with SEC after they appeared before the commission.
Early August 1, 2018, SEC released a warning against Paysbook.
“To date, the Department has not issued any order lifting Aug. 1, 2018, Advisory on Paysbook E-commerce System Co. Ltd. finding no sufficient ground or justification to lift the same. Thus, the general public is hereby informed that the Advisory remains valid and in effect,” the SEC advisory said.
According to the commission, Paysbook is encouraging the public to perchance activation codes that they can use to access its online platform. After that, Paysbook promised that earning will be as easy as it seems. Members are also encouraged to recruit other people to the platform.
Members will have to create an account online through paysbook.com. After doing so, they will be given P300. From the P1,000 that you invested, you will be given P1,200 every six days just for logging in and logging out.
As for recruiting new members, you can get up to P40,000 as commission.
According to SEC, Paysbook is registered only for e-commerce system services, franchises business, online selling, website development, online advertising services, and customized online system development.
Though they registered, they haven’t secured the license to solicit investment from other people. This license needs a secondary license from the commission following the Securities Regulation Code.
“To reiterate the contents of the Advisory, the general public is hereby warned that all investment schemes are subject to the regulatory authority of this Commission,” SEC said.
Those salesmen, agents, brokers, and dealers of the company is subject for a fine of up to P5 million or imprisonment of up to 21 years.