In Koronadal, SEC alerts public vs firm inviting investors sans license
KORONADAL CITY—The Securities and Exchange Commission (SEC) extension office here warned the public against the operation of investment venture “Infin8 Success Global” in Soccsksargen region (South Cotabato, Cotabato, Sultan Kudarat, Sarangani and General Santos City).
According to the SEC Koronadal, an entity named “INFIN8 Success Global, INFIN8 Success-Global Health and Beauty Products Trading,” operated by a certain Jerson Saballa, has been enticing the public to invest their money in its scheme with the promise of high monetary rewards or profits.
The SEC said the company maintained a physical office and conducted operations online through the webpage i8sucess.com and other digital platforms, where it enticed the public to be part of its business through what appeared to be a binary-like marketing scheme or recruitment-driven model, a structure commonly associated with illegal or unauthorized investment schemes that are inherently unsustainable and detrimental to the public.
“[Based on] our records, INFIN8 Success Global/INFIN8 Success-Global Health and Beauty Products Trading is not a registered as a corporation and has no secondary license or authority to solicit investment from the public,” the SEC Koronadal said in a public statement.
The SEC Koronadal explained that the mere registration of a corporation did not grant it the authority to solicit investments from the public.
Stop
It issued the advisory to urge the public to exercise extreme caution in dealing with entities that offer or promise earnings that appeared “too good to be true.”
The SEC advised the public not to invest in these schemes; and for those who have already done so, to stop.
It warned that any entity found soliciting investments without such a license, along with all individuals involved in its promotions, shall be subject to corresponding administrative, civil and criminal penalties under the law.
In 2016, a huge number of “investors,” including those from Koronadal and South Cotabato, fell victims to the infamous “Kapa” (Kabus Padatuon/Enrich the Poor) investment scheme, losing millions of pesos. The Kapa-Community Ministry International, founded by Pastor Joel Apolinario became one of the biggest investment fraud scandals in Philippine history.
