THE Securities and Exchange Commission (SEC) has warned the public against investing in Titan Capital Markets and Kalinga Venture Group OPC, saying these entities are not authorized to sell securities.
In an advisory, the commission said that Titan Capital Markets/Titan Capital Markets Pty. Ltd. allegedly earns through bot trading or staking.
The entity offers investments ranging from $100 to $3,000, promising earnings between 21% monthly for 90 days and 24% monthly for 180 days, depending on their subscription plan, it added.
Investors could also earn a 15% referral bonus and a “Titan Partners Reward” of 2% up to 10%.
The SEC said that Titan Capital Markets/Titan Capital Markets Pty Ltd. is not registered as a corporation or a partnership and has not obtained the required registration to solicit investments.
It added that the scheme employed by Titan Capital Markets/Titan Capital Markets Pty. Ltd. has characteristics of a Ponzi scheme, where “monies from new investors are used in paying ‘fake profits’ to prior investors and are designed mainly to favor its top recruiters and prior risk-takers, which is detrimental to subsequent members in case of a scarcity of new investors.”
“The Securities Regulation Code (SRC) requires that said offer and sale of securities must be duly registered with the commission and that the concerned entity and/or its agents should have the appropriate registration and/or license to sell such securities to the public,” the commission said.
At the same time, the SEC said that Kalinga Venture Group OPC/Kalinga Ventures Capital/Kalinga Venture International/Kalinga Wealth & Business Development Services allegedly offers various investment subscription plans that could earn 25% to 170% income in 9 to 40 days.
The entity claimed that its sources of income include binary trading, foreign exchange market trading, gold jewelry trading, financing, and ad revenue, it said.
The SEC said that Kalinga Venture Group OPC is registered with the government as a corporation but is not authorized to issue, sell, or offer for sale securities.
The commission also said that entities named Kalinga Ventures Capital/Kalinga Venture International/Kalinga Wealth & Business Development Services are not registered with the commission and are not authorized to offer, solicit, sell, or distribute any securities to the public.
BusinessWorld sought the comments of the two entities but has yet to receive a response as of the deadline. — Revin Mikhael D. Ochave