“This Advisory is prompted by the information received and gathered by the Securities and Exchange Commission that individuals or group of persons headed by its CEO, Rendon Duran is soliciting investments from the public purportedly to be invested in foreign exchange and cryptocurrency trading,” the Commission said.
The Tether group entices the public to invest online or through the internet an amount ranging from 10 USDT up to 300,000 USDT (equivalent to P557.50 up to P1,672,500) where investors can earn guaranteed 3 percent to 10 percent daily profit in 70 days or equivalent to 210 percent for the same period (P1,169 up to P3,515,250).
“TETHER-PAY/TETHER.PAY.COM/TETHER PAY LTD./TETHER PAY LIMITED appears to be engaged in a fraudulent scheme of offering and selling unregistered securities in the form of investment contracts in violation of Sections 8 and 26 of the Securities Regulation Code,” said the SEC.
It added that, “Those who act as salesmen, brokers, dealers, agents, representatives, promoters, recruiters, uplines, influencers, endorsers, abetters and enablers of TETHER-PAY/TETHER.PAY.COM/TETHER PAY LTD./TETHER PAY LIMITED vis-à-visRENDON DURAN in selling or convincing people to invest in the investment scheme being offered by said entity including solicitations and recruitment through the internet may be prosecuted and held criminally liable.
This is under Section 28 of the Securities Regulation which also imposes a penalty of up to P5 million or 21 years of imprisonment or both.
“In view thereof, the public is advised NOT TO INVEST or STOP INVESTING in any investment scheme being offered by TETHER-PAY/TETHER.PAY.COM/TETHER PAY LTD./TETHER PAY LIMITED vis-à-vis RENDON DURAN,” the SEC said.
It added that this also include “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 TETHER-PAY/TETHER.PAY.COM/TETHER PAY LTD./TETHER PAY LIMITED vis-à-vis RENDON DURAN.”
Credit belongs to : www.mb.com.ph