SEC Issues Advisory on Illegal Solicitation by Bit Cryptorising and BCR Rising Trade
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- The Securities and Exchange Commission (SEC) has issued an advisory against BIT-CRYPTORISING MARKETING CONSULTANCY and BCR RISING TRADE INC. for illegally soliciting investments from the public.
- SEC records show that BCR RISING TRADE INC. is registered but not authorized to solicit investments and BIT-CRYPTORISING MARKETING CONSULTANCY is not registered and does not have a license to solicit investment.
- The SEC warns the public not to invest in any scheme offered by these entities and their representatives, and those who act as influencers, endorsers, and enablers may face criminal liability and penalties.
The Securities and Exchange Commission (SEC) has issued an advisory warning the public of illegal investment solicitation by two entities, BIT-CRYPTORISING MARKETING CONSULTANCY and BCR RISING TRADE INC.
Illegal Investment Scheme
According to the advisory, BIT-CRYPTORISING MARKETING CONSULTANCY and BCR RISING TRADE INC. have been recruiting investors by offering investments ranging from P1,000 to P300,000, promising returns of 15% per week, accumulating up to 60% in 30 days or 120% for 60 days, with additional benefits of 20% as partner rewards.
The investment scheme offered by these entities is considered a form of “investment contract” as defined by the Securities Regulation Code (SRC), and as such, requires registration and appropriate licenses from the SEC. However, records show that BCR RISING TRADE INC. is registered with the SEC but is not authorized to solicit investments from the public. BIT-CRYPTORISING MARKETING CONSULTANCY, on the other hand, is not registered with the SEC and likewise does not have a license to solicit investment from the public.
Ponzi Scheme Characteristics
As per the SEC, the scheme employed by BIT-CRYPTORISING MARKETING CONSULTANCY has the characteristics of a Ponzi scheme, where money from new investors is used to pay “fake profits” to prior investors, and is designed to favor its top recruiters and prior risk takers, and detrimental to subsequent members in case of scarcity of new investors.
Warnings and Penalties
The SEC warns the public not to invest in any scheme offered by these entities and their representatives, as well as those who act as salesmen, brokers, dealers, agents, representatives, promoters, recruiters, uplines, influencers, endorsers, abetters, and enablers of BIT-CRYPTORISING MARKETING CONSULTANCY and BCR RISING TRADE INC. in selling or convincing people to invest in their investment scheme.
These individuals may be held criminally liable and face penalties of a maximum fine of ₱5 million or imprisonment of 21 years, or both, under Section 28 of the Securities Regulation Code (SRC).
This advisory follows previous warnings issued by the SEC regarding other illegal investment schemes, such as Lele Gold Farm and Trading Cartel. The public is reminded to exercise caution and due diligence before investing in any scheme and to report any suspicious activities to the EIPD at [email protected]
Find more SEC Advisories here.
This article is published on BitPinas: SEC Issues Advisory on Illegal Solicitation by Bit Cryptorising and BCR Rising Trade
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.
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