247StockTradeFX

July 15, 2021 ENFORCEMENT AND INVESTOR PROTECTION DEPARTMENT SEC ADVISORY Based on information gathered by the Commission, the entity operating under the name 247STOCKTRADEFX with Head Office supposedly at Liverpool, Australia is soliciting investments in the Philippines WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY from the Commission through the assistance of its supposed brokers, accounts managers, agents and/or representatives that appears to be using synthetic or fraudulent identities, among those identified are BLESSING CHIMA , MARYAM M. YAU , and ITZ OSMANEH . 247STOCKTRADEFX is offering a number of account types or investment schemes apparently promising huge bonuses, trading tools, and assistance to increase assured profit potential and even guarantees a pre-determined or passive pay-out which seems to be dubious and "too good to be true." To wit: Hence, since what are being offered by 247STOCKTRADEFX are securities, Section 8 of the Securities Regulation Code (SRC) requires that all offers and sales of securities must be duly registered with the Commission and that the concerned corporation and/or its agents have appropriate registration and/or license to sell such securities to the public. However, based on our records, 247STOCKTRADEFX is NOT REGISTERED with the Commission and is NOT AUTHORIZED to solicit, accept or take investments/placements from the public nor to issue investment contracts and other forms of securities defined under Section 3 of the SRC in the Philippines . Also, none of their purported brokers, account managers, agents, and/or representative have appropriate registration and/or license to offer or sell securities to the public . Our records likewise show that 247STOCKTRADEFX operates its digital exchange platform in the Philippines without the proper registration with the Commission relative to Section 32 of the SRC on the "Prohibition on Use of Unregistered Exchange." Similarly, 247STOCKTRADEFX is not a registered Virtual Asset Service Provider (VASP) with the Bangko Sentral ng Pilipinas and does not have a corresponding Certificate of Authority as a Money Service Business as required under Circular No. 1108, series of 2021 or the Guidelines for Virtual Asset Service Providers . It must be emphasized that operating or doing business in the Philippines requires prior registration and/or authorization with the concerned authorities and/or agencies including the Commission . As mentioned, even the BSP requires those engaged in online trading, digital assets and/or similar activities operating in the country to register in accordance with its guidelines. Therefore, the public is advised NOT TO INVEST or STOP INVESTING in any scheme being offered by 247STOCKTRADEFX and to exercise due diligence before placing their hard earned monies in entities that promises ridiculous bonuses and/or fixed rate of return with little or no risk. Further, the scheme employed by 247STOCKTRADEFX shows indication of a possible "Ponzi Scheme" where monies from new investors are used in paying "fake profits" to prior investors and is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent members in case of scarcity of new investors. Please be informed that the offering and sale of such securities in the form of investment contracts using the "Ponzi Scheme" is fraudulent and unsustainable and is NOT a registrable security. The Commission will NOT ISSUE a License to Sell Securities to the Public to persons or entities that are engaged in this business or scheme . Likewise, it must be noted that the SEC ADVISORIES are issued in order to guide the public in making informed decision regarding their investments and to warn all unscrupulous individuals and/or entities that strict penalties are imposed for violations of the Securities Regulation Code, the Revised Corporation Code, and such other rules and regulations enforced by the Commission . Those who act as salesmen, brokers, dealers or agents of unauthorized entities in selling or convincing people to invest in their investment scheme offered including solicitations and recruitment through the internet , may likewise be criminally prosecuted and penalized with a maximum fine of Five Million pesos (P5,000,000.00) or a penalty of Twenty-one (21) years of imprisonment or both pursuant to Sections 28 and 73 of the SRC. Similarly, those who invite or recruit others to join or invest in such venture or offer investment contracts or securities to the public may incur criminal liability, or otherwise be sanctioned or penalized accordingly as held by the Supreme Court in the case of SEC vs. Oudine Santos (G.R. No. 195542, 19 March 2014). The names of all those involved will also be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be assessed correspondingly. As always, it must be noted that the above laws are not aimed to hinder or pose significant threats or risks to businesses especially those engaged in online trading, forex, and/or cryptocurrency projects but are intended for the protection of both the registered entities and the investing public from any anomalies and/or irregularities which tend to result from any unlawful and/or unauthorized operations. Should you have any information regarding any investment solicitation activity by any individual or group of individuals representing 247STOCKTRADEFX , please send your report to the EIPD at [emailprotected]. For the guidance of the public. Pasay City, July 15, 2021.