MANILA - Authorities warned on Thursday against investing in online advertising website Pluggle as it is not authorized to solicit investments from the public.
The Securities and Exchange Commission (SEC) said Pluggle has been recruiting people to invest a minimum of P1,000 in its system using bitcoin, promising a return of 30 percent to 100 percent in just 12 days.
The SEC said that while PLUGGLE Inc. is registered with the commission, it has yet to secure the necessary license or permit from the corporate regulator.
It also warned brokers, dealers and salesmen of Pluggle enticing people to invest that they will be prosecuted and may face a P5 million penalty or 21 years imprisonment.
The regulator earlier issued a warning on unregistered investment scams operating through social media.