Wacky Leaks: SEC warns against Scentko investment scam
The Securities and Exchange Commission (SEC) has warned the public against investment scheme which have been promising a 400 percent return of investment through perfume “buy and earn” program.
In an interview, Atty. James Armand Pan Jr, Commissioner Secretary of SEC said that Scentko World Corp. and its parent firm, Brendahl Cruz Holdings Inc. are being investigated for illegal marketing scheme.
Scentko World Corporation based on numerous complaints requires their investors to endow a minimum of P10,000 with a promise of 400 percent interest in just 30 days.
For those who want a bigger income a P40,000 capital will surely hit a return of investment of P160,000 according to Scentko’s marketing game plan.
Pan said that aside from the cash sales rewards, Scentko promises a referral fee equivalent to 10 percent of the amount paid by the new investor.
The SEC official also explained that Scentko and Brendahl Cruz Holdings are registered as corporations but the issuance of a certificate of incorporation only grants an entity a juridical personality and does not constitute an authority to engage in activities requiring a secondary license from the said agency.
This further explain that such kind of marketing scheme is indeed illegal.
The SEC official also warns those those acting as salesman, broker or agent of Scentko and Brendahl Cruz Holdings may be prosecuted and held criminally liable pursuant to Section 73 of the Securities Regulation Code.
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