THE Securities and Exchange Commission (SEC) has warned the public against investing in FX Affiliate and MVL Mall.
The commission flagged the two entities in separate advisories posted on its website.
The SEC said that FX Affiliate is allegedly engaged in foreign exchange trading through its artificial intelligence robot called zheroFx.
The entity offers a robot subscription incentive where a minimum investment of P1,000 per account could earn P200, equivalent to 20%, up to five times within a maximum period of 60 days, allowing for 100% earnings in just 60 days or double the amount of investment after the said period.
FX Affiliate also reportedly offers unlimited referral incentives worth P100 for every new subscription; unlimited indirect referrals worth P5 every time the upline’s downline recruits or avails; and unlimited leadership incentives, where the member will earn 10% equivalent to the total earnings of direct and indirect recruits.
Meanwhile, MVL Mall claims to be an intermediary company engaged in increasing the transaction volume of online merchants and assisting merchants on e-commerce platforms such as Lazada and Shopee in improving sales volume.
The entity is allegedly offering an online job involving grabbing or placing orders from their website. It promises commissions ranging from 20% to 50% per order, which can only be withdrawn after paying a so-called tax charge.
The SEC also said that MVL Mall is presenting a copy of a bogus registration certificate to entice investments from the public.
“As such, the Securities Regulation Code requires that said offer and sale of securities must be duly registered with the commission and that the concerned entity or its agents should have the appropriate registration or license to sell such securities to the public,” the SEC said. — Revin Mikhael D. Ochave