Scam alert: SEC warns vs Paysmart

The Securities and Exchange Commission has warned the public against dealing with Paysmart Limited Philippines for soliciting investments without the appropriate license.

In an advisory, the SEC said Paysmart is offering
to the public a 30 percent return on investment in just 15 days or 60 percent ROI in 60 days for a minimum investment of $23.

Maximum investment is $9,000 according to information received by the corporate watchdog.

In order for the investor to register, they must click on the link provided, which would then lead them to the PAYSMART dashboard.

“Paysmart is not registered as a corporation or partnership and is not authorized to solicit investments from the public as the above-mentioned entity did not secure prior registration and/or license to solicit investments as prescribed under Section 8 of the Securities Regulation Code,” the SEC said.

“The public is hereby advised to exercise caution in investing their money in these types of schemes which may turn out to be fraudulent,” it added.

Persons offering securities the public without the prior registration from the SEC will face criminal and/or administrative sanctions.

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