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SEC-CDOEO reminds the public against Wellcons Unlimited Systems, Inc.

CAGAYAN DE ORO CITY (PIA)--It’s only the second month of the year yet the Securities and Exchange Commission has issued several advisories against investment scams already.

SEC – Cagayan de Oro Extension Office warns the public in dealing with their investments particularly to this certain Wellcons Unlimited System Inc., (Wellcons) whose operations proliferate in the areas of Region 10 and the Caraga Region.

As of February 2022, the SEC has posted 27 Advisories already pertaining to suspicious and fraudulent investment taking in the public without the necessary licenses from the Commission. Majority of the identified entities utilize the online platforms through mobile applications in order to entice the general public in various areas.

In particular, SEC-CDOEO was alarmed by the prominence of the Wellcons’ presence in its jurisdiction throughout Region 10 and 13 by receiving numerous reports. The Commission then issued an advisory to warn the public from placing their investments to the said entity on February 03, 2022.

On its Articles of Incorporation (AOI), Wellcons’ primary purpose is to engage and carry on the business on distribution of products on multi-level marketing, among others; provided that the corporation shall not solicit, accept  or take investments/placements from the public neither shall it issue investment contracts (highlights emphasized). However, on its actual operations, Wellcons involved Binary and Pangkabuhayan System which has “double-your money” schemes and guarantees huge returns on every purchase to its packages. It also offers incentives to every recruit by the members.

“We are discouraging the public to place their investments to these entities with advisories already because it is an indicator that the Commission has found out suspicious activities on investment-taking without the necessary requirements to legally operate. Please protect your investment through your money or properties from the enticing individuals or groups with harmful intentions,” Lawyer Frederick A. Enopia, office-in-charge of SEC-CDOEO said in a statement.

The complete list of advisories as of February 2022 are as follow:

1.     BEASTNESSALLDAY CORPORATION

2.     WELLCONS UNLIMITED SYSTEMS, INC.

3.     ASTRAZION INTERNATIONAL, ASTRAZION NOBLE TASK COMMUNITY FOUNDATION AND ASTRAZION GLOBAL HOLDINGS INC.

4.     LMB FOOTBALL

5.     QFX MARKETS LIMITED/ QFX TRADE LIMITED/ QFX TECHNOLOGY SERVICES

6.     FREECIT/FREEBIT

7.     SOS VENTURE

8.     S.O.S SYSTEM

9.     PHTOP

10.  FUTURE FARMING/ FUTURE FARMING ICD/ FUTURE FARMING FF STORE

11.  SEYMOURE PAUL CONCEPTUALIZED PIGGERY FARMING

12.  VIDEOSPAYS

13.  BF FOOTBALL / BF FOOTBALL INVESTMENT PLATFORM

14.  FXD PHILIPPINES

15.  IGNITE VIRTUS INTERNATIONAL

16.  EPIC TRADING

17.  CRYPTOPAYZ

18.  RIDE2SUCCESS DIGITAL MARKETING SERVICES

19.  KAIZEN UNLIMITED PHILIPPINES

20.  PAWISNGPINOY ONLINE INVESTMENT

21.  PAIDTUNES

22.  WALLETPAYS

23.  CRYPTOSTAKERS/ CRYPTO-STAKERS .COM

24.  TRUST LEGACY INTERNATIONAL / TRUST LEGACY INTERNATION

25.  OUTRACE “Play to Earn”

26.  TUNEGAGA / TuneGaga

27.  UP-MASS INNOVATIVE MARKETING  CORPORATION / UMIM CORPORATION

Any reports from investors or prospect clients regarding to the above-listed entities with advisories can be reported through the Enforcement and Investor Protection Department (EIPD) on this email: epd@sec.go.ph. (SEC10)

About the Author

Jasper Marie Rucat

Regional Editor

Region 10

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