Davao Prime Summit Frozen Products Trading

March 21, 2023 ENFORCEMENT AND INVESTOR PROTECTION DEPARTMENT SEC ADVISORY This is to inform the public that DAVAO PRIME SUMMIT FROZEN PRODUCTS TRADING is NOT AUTHORIZED TO SOLICIT INVESTMENT FROM THE PUBLIC. This ADVISORY is prompted by reports and information gathered by the Commission that individuals or group of persons headed by its CEO/Founder TOM CAO CASAS are enticing the public through social media. As posted online, one can invest by contacting them first at https://www.facebook.com/primesummitfrozen and by attending one of their scheduled orientation seminars at their office, then one can avail of their investment plans. Davao Prime Summit Frozen Products Trading is offering investments to the public through its "Profit Share Program" with a minimal amount of Php10,000.00 up to Php500,000.00 . Investors may earn up to 120% within the lock-in period of 6 months or 20% for every month . In this regard, the public is made aware that an "investment contract," a kind of security, exists when there is an investment or placement of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others which is prominent in the scheme of DAVAO PRIME SUMMIT FROZEN PRODUCTS TRADING . As such, the Securities Regulation Code (SRC)requires that said offer and/or sale of securities must be duly registered with the Commission and that the concerned entity and/or its agents should have the appropriate registration and/or license to sell such securities to the public. Based on the Commission's database, DAVAO PRIME SUMMIT FROZEN PRODUCTS TRADING , is NOT REGISTERED as a corporation or partnership and OPERATES WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY 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 Securities Regulation Code (SRC) . Further, the scheme employed by has the characteristics of a "Ponzi Scheme" where money 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. The offering and selling of securities in the form of investment contracts using the "Ponzi Scheme" which is fraudulent and unsustainable, 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. In view thereof, the public is hereby advised NOT TO INVEST or to STOP INVESTING in the investment scheme being offered by DAVAO PRIME SUMMIT FROZEN PRODUCTS TRADING vis--vis TOM CAO CASAS as well as to any other entities having the same or similar schemes and to exercise caution in dealing with any individuals or group of persons soliciting investments or recruiting investors for and on behalf of DAVAO PRIME SUMMIT FROZEN PRODUCTS TRADING vis--vis TOM CAO CASAS . Those who act as salesmen, brokers, dealers or agents, representatives, operators, promoters, uplines, recruiters, influencers, endorsers and enablers of DAVAO PRIME SUMMIT FROZEN PRODUCTS TRADING vis--vis TOM CAO CASAS in selling or convincing people to invest in the investment scheme being offered by the said entity including soliciting investments or recruiting investors through the internet may be held criminally liable under Section 28 of the SRC and penalized with a maximum fine of Five Million Pesos (Php5,000,000.00) or imprisonment of Twenty One (21) years or both pursuant to Section 73 of the SRC (SEC vs. Oudine Santos, G.R. No. 195542, 19 March 2014) . Furthermore, the names of all those involved will be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed. Should you have any information regarding any investment solicitation by any individual or group of individuals on behalf of DAVAO PRIME SUMMIT FROZEN PRODUCTS TRADING vis--vis TOM CAO CASAS please send your report through email at [emailprotected] . For the information and guidance of the public. Makati City, March 21, 2023.