The Republic of Phillipines SEC has issued the following warning:
SEC WARNING
BEWARE OF INTERNET-BASED PONZI INVESTMENT SCHEMES
The Securities and Exchange Commission (SEC) has received reports that the following entities are allegedly engaged in internet-based ponzi investment schemes: FRANCSWISS. SWISS CASH, UNIVERSAL FOREX SYSTEM, GLOBAL AMERICA, and PRIVATE FOREX TRADE, INC. These entities are NOT REGISTERED with the Commission, and have no permit DJ authority to solicit investments from the public Private Forex Trade, Inc. has in fact been found to be misleading the public by showing a fake SEC Certificate of Registration on its website.
The following are some of the features of an internet-based ponzi investment scheme:
• No SEC registration
• Investment in foreign currency, preferably in US Dollars
• Offers or guarantees a huge profit in a very short period
• Utilizes a binary network (i.e. upline and downline) to earn commissions
• No paper trail (i.e. contracts, receipts) – Promises tittle or no financial risk
• Provision for a lock-up period where an investor cannot touch the investment (i.e. 60 days)
• Assures pay-off of investments in a short time
• Uses high-pressure methods to convince investors to reinvest their earnings
• Unknown principal office, address, founders, directors or officers
• Orientation seminars are conducted informallyThis investment scheme ordinarily collapses as fast as they are created while leaving its investors behind and unable to recoup their investments.
The public is therefore urged to report any offer of investment made by persons who represent the above-mentioned entities or other entities using similar modus operandi to the undersigned in order that the appropriate enforcement action can be taken:
Director Hubert B. Guevara
Compliance and Enforcement Department
Securities and Exchange Commission
5/F SEC Building, EDSA, Greenhills, Mandaluyong City
(632) 727-3367
ced@sec.gov.ph
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Huh? This post has nothing to do with Forex Autopilot.