Securities and Exchange Commission warns against possible Ponzi schemes

MANILA, Philippines — The Securities and Exchange Commission (SEC), the corporate regulator, has issued a notice to the public against four companies which may be engaged in fraudulent activities.

These are Dairy Farmers of America, which the SEC said is not related to the legitimate Kansan-based Dairy Farmers of America Inc.; Reigns Profit Sharing/Josan Paluwagan/Benta Slots; PNJS Profit Sharing Benta-Slot/PNJS Benta Sahod/PNJS Finance/Variety-Store and Online Shop and Infinity Success/Infinity Success Trading.

Dairy Farmers, the SEC said “professes that its investors are parting with their money for the purchase of cattle to be raised for milking purposes where profits from the sale of milk are to be given to the investors.’’

“To invest, prospective investors must deposit money to the DFA app to buy or invest in a particular farm project/cattle. In return, investors are promised guaranteed returns from as low as three percent to as high as 66 percent for investments ranging from P100 to P10,000 in only one to 30 days. This entity also offers referral commission for any direct recruit,” the SEC said.

Similarly, Reigns Profit Sharing and its similar entities are promising high monetary rewards or profits, such as earnings of 70 percent up to 120 percent after 30 days.

“Investors are only required to deposit money and expect a lucrative return on investment without any definite plan on how the business will operate or what products to sell to earn a profit,” the SEC said.

PNJS Profit Sharing and its other identified entities are registered with the Department of Trade and Industry, offering investments to the public with a minimal amount of P1,000 per account with earnings of as much as 1.9 percent a day for 30 days.

Infinity Success Trading, meanwhile, will allegedly help in giving signals and reading patterns to make sure investors’ trades are safe.