THE Securities and Exchange Commission (SEC) has issued cease-and-desist orders against RGS World Marketing Corp. and PawisNgPinoy Online Investment for their respective illegal investment programs.
The commission, sitting en banc, is calling on the two entities to stop promoting their investment programs as these are not registered with the SEC. The regulator issued two separate orders dated March 1.
Investigations done by the SEC Enforcement and Investor Protection Department (EIPD), SEC Bacolod Extension Office (BacEO), and the SEC Iloilo Extension Office revealed that RGS World has been selling and/or offering compensation plans worth P1,000 to P20,000. The entity has been promising investors returns worth P3,500 to P80,000.
Investors of RGS World were also being lured with non-monetary returns like frozen goods and rice on top of bonuses, incentives, and products given after referring or recruiting more people into the scheme.
RGS World also distributes products like soap, liniment oils, rice, eggs, and other poultry products “to disguise its investment scheme as a legitimate distribution business,” the regulator said.
However, records from the Food and Drug Administration showed that the entity does not have a license to operate a distribution business.
The SEC said RGS World’s program “involves the pooling of the resources consisting of the moneys of its investors which are actually utilized to satisfy and pay the guaranteed…
