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Author Topic: [2018-04-18]Crypto Fraudsters Face Jail Time, Warns Philippines Securities Regul  (Read 33 times)
TravelMug
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April 18, 2018, 03:50:21 PM
 #1

Crypto Fraudsters Face Jail Time, Warns Philippines Securities Regulator

The Philippines Securities and Exchange Commission (SEC) has officially warned against 14 cryptocurrency investment schemes seeking to attract consumers in the country.

In an advisory statement issued Wednesday, the regulator listed the names of the 14 investment projects, including Onecash, which was already called out by the SEC in a previous warning last month. As such, while the notice is not a first for the country, it yet again signals the financial regulator's effort to strengthen its scrutiny over cryptocurrency activities in the Philippines.

In further description, the SEC said these investment projects - deemed by the agency as unregistered securities - usually tout "unrealistic returns ranging from 10 percent to 200 percent per month" and claim to invest in cryptocurrencies to "justify their earning capacity."

The SEC stated that any person that acts as a salesperson, broker or dealer for these investment projects may be subject to prosecution that result in a maximum penalty of 5 million pesos (or $277,000) fine or imprisonment of 21 years.


https://www.coindesk.com/crypto-fraudsters-face-jail-time-warns-philippines-securities-regulator/
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April 18, 2018, 07:08:35 PM
 #2

The 14 investment schemes mentioned will probably not get license from the Phlilipine SEC if they made any attempt at all.
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April 19, 2018, 09:27:43 AM
 #3

Glad to hear that the culprit of one of the biggest scams in the Philippines in caught and facing jail time. They have scam millions of dollars from people who really trusted them, but in return they just ran off with their money. I'm also happy that SEC again issued another announcement so that people are all aware of not investing on those 14 investment projects that has the possibility to make a scam again.

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entrepmind23
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April 19, 2018, 11:02:25 AM
 #4

There are too many investment schemes involving cryptocurrencies and it is just sad that many are still being victimized by those High Yield Investment Programs. It is obvious that there is something going on when the return is just too good to be true so people should already be skeptic as to why the returns are so high when in fact we are in a bear market now.

I also observed that even if the people knew that the people behind the HYIP may just run away with their money, they would still invest hoping for a return. Some even stated that it is new so they most likely would pay so they do not care about other people who would invest later on. I'm glad that the fraudsters were caught but someone would just appear again if people wouldn't change this kind of attitude.

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April 19, 2018, 02:41:55 PM
 #5

There are too many investment schemes involving cryptocurrencies and it is just sad that many are still being victimized by those High Yield Investment Programs. It is obvious that there is something going on when the return is just too good to be true so people should already be skeptic as to why the returns are so high when in fact we are in a bear market now.

I also observed that even if the people knew that the people behind the HYIP may just run away with their money, they would still invest hoping for a return. Some even stated that it is new so they most likely would pay so they do not care about other people who would invest later on. I'm glad that the fraudsters were caught but someone would just appear again if people wouldn't change this kind of attitude.

Its going to be cyclical in my opinion. As long as there are people who are willing to invest in those so called HYIP, there will still be scammers born every minutes to try and swindle as many unsuspecting victims as they can.

I can attribute to people really wanted to make easy money because this fraudster will sweet talk you with a promise of 10%-30% returns, who wouldn't be entice on that?

Sadly though, those scammers really put a bad name on crypto in general. The greater public is again warn by the government, but I wouldn't be surprise if another scammers pull off a stunt more daring than the previous one.

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April 19, 2018, 02:43:06 PM
 #6

Not only this , but there are so many scams going on right now . One cannot get hold of every one of it . People must be very sure before making investments or staking their money on such things . It is good to know that Philippines has not done something very rebellious like banning it and all .
I would say , that this must not be a very hot news because a scam or a fraud related to any currency , fiat or crypto of detected must be punishable .
I hope this news does not create any negativity against crypto.

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April 23, 2018, 11:53:16 AM
 #7

10% to 200% is already an obvious sign. But I noticed that this frequently happen on underdeveloped countries. This also happened in Vietnam. Having enough income on these countries is very hard so perhaps it's the reason they easily fell on this scams.

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