The Securities and Exchange Commission has warned the public against 30 social media accounts, pages or groups soliciting investments with the promise of huge returns in just a short period of time.
The get-rich quick scheme being employed by these groups create a structure similar to a pyramid, which relies on new recruits to generate profits for the old investors.
On the SEC?s watchlist are Road to Stockmarket/Dreambuilders, Steady Money ONPAL, G-Funds, Team Amazing Grae, Donatos Team, Team Donatos, Building Bridge, GBS New Hope, GBS Trust Traders, Whilmz Team International, Whilmz International Online Paluwagan, Rosca-Money?s Worth ONPAL, Warriors Team ONPAL, Team Warriors, Xplosion, Red Packet, Elite Savers Club, Share Ko Profit Ko, SUTM & BOJ, Real Team Angel International, Original Team Angels, Return of the Comeback Team Angels International, Cone Weekly Investment, 2Do Marketing Services, Power7 M2G, ONPLA Adhoc, Swift Earners Guild, Exclusive Circle of Earners, Old TBC and Lover?s Profit Sharing.
“The scheme involves a scheduled collection of money from each member by one or few administrators with an expectation to distribute the funds with interests to all members or in their respective payout schedules,? the SEC said.
Investors were promised extraordinary returns ranging from 10 percent to 757 percent in just one to 90 days.
Transactions were made through remittances, wire transfer and cash deposits.
?The social media was extensively used to promote and operate the scheme? Unfortunately, many of their respective members incurred huge loss of money and the administrators were reportedly unable to refund investments,? the SEC said.