MANILA - The Securities and Exchange Commission warned the public against investing in 1Legacy, and Wahana Credit And Loan Corporation/Wahana Multi Purpose Bank, saying these firms were not registered with the regulator and not allowed to solicit investments.
The SEC said it received reports that the operators of multi-level marketing firm Secret2Success or S2S were now using 1Legacy to continue their illegal investment-taking activity.
Wahana was promising investors returns as high as 12 percent per week and 48 percent per month through its business of lending money to casino players, the SEC said.
The agency warned that people who solicit investments for these firms could be held criminally liable.
It also called on the public to report these people to the SEC's Enforcement and Investor Protection Department at 818-6337, 818-1898 or [email protected]