SEC renews warning against Ecomamoni

MANILA, Philippines — The Securities and Exchange Commission (SEC) has renewed its call to the public to take caution against investments being offered by Ecomamoni.

In its latest advisory, the SEC said that it has received information that the entity is presenting its alleged SEC certificate of registration under the corporate name Ecomamoni Environmental Recyclable Materials Manufacturing Inc. to convince the public of the legitimacy of their operations.

The commission said that Ecomamoni, in an advertisement posted in the Facebook page of Ecomamoni Partner, announced that they have successfully obtained a certification from the SEC.

The regulator said that it has also been informed that Ecomamoni is continuously operating its investment-taking activities by introducing a new scheme with higher participation fees ranging from P600 to P165,000, with a highest daily earning amounting to P7,000.

“The public is hereby informed that Ecomamoni and Ecomamoni Environmental Recyclable Materials Manufacturing Inc. are not authorized to solicit investments from the public, not having secured prior registration and/or license to sell securities or solicit investments as prescribed under Section 8 of the Securities Regulation Code,” the SEC said.

“Moreover, the business scheme being offered by Ecomamoni and Ecomamoni Environmental Recyclable Materials Manufacturing Inc. shows indication of a possible Ponzi scheme where moneys from new investors are used in paying fake profits to prior investors and is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent members in case of scarcity of new investors,” it said.

As such, the SEC is urging the public not to invest or stop investing in the investment scheme being offered by the entities or its representatives.

“The public is hereby advised to exercise caution in dealing with any individual or group of persons soliciting investments for and on behalf of Ecomamoni and Ecomamoni Environmental Recyclable Materials Manufacturing Inc.,” the SEC said.

Last November, the SEC issued an advisory against Ecomamoni after it was found enticing the public to invest money in the said entity by purchasing any of the company’s “Recycling Plan” for a promise of receiving monetary rewards or profits.