THE Securities and Exchange Commission (SEC) has warned the public against dealing with Better Adsource System, Inc. which has been soliciting investments without the necessary license.
In an advisory posted on its website, the corporate regulator said Better Adsource has been offering several packages that will allow people to earn passive income from a pool of investments and cryptocurrency mining.
The SEC said the group, which also operates under the name Better Adsource Advertising Services, is not registered as a corporation or partnership with the commission. It is also not authorized to solicit investments from the public since it does not have a secondary license.
“The public is advised not to invest or stop investing in any investment scheme offered by Better Adsource System, Inc. and Better Adsource Advertising Services and to exercise caution in dealing with any individuals or group of persons soliciting investments for and on behalf of it,” the SEC said.
Better Adsource’s investment scheme involves a referral program, which means that people can earn simply from referring others into the program up to the third level.
The group also offers bitcoin rewards, which it claims is a great way for people to earn money during their spare time.
The SEC said that salesmen, brokers, dealers, or agents of Better Adsource may be prosecuted and held criminally liable under the Securities Regulation Code, with a maximum fine of up to P5 million or up to 21 years in prison. — Arra B. Francia