MANILA - The Securities of Exchange Commission (SEC) warned the public not to transact with Masa Mart Business Center and other groups carrying out unauthorized investment schemes.
The SEC said Masa Mart is not yet registered among banks, exchanges, or companies engaged in digital assets with the central bank.
They have yet to file a registration statement with SEC, and secure approval before selling their investment products, the agency said.
Masa Mart was found to be offering a "subscription and gains program" under which a member may invest at least P1,250 to P500 million, in exchange for returns of P2,746 to about P11.65 billion, depending on the lock-in period.
This entails an interest of up to 30 percent per month or up to over 2,500 percent annually.
"Those who act as salesmen, brokers, dealers or agents of fraudulent investment schemes may be held criminally liable and penalized with a maximum fine of P5 million or imprisonment of 21 years or both under the Securities Regulation Code," the agency warned.