SEC warns against investing in skincare firm
The SEC has learned that Empressly Skin Care Center Corp. has been promising the public at least P30,000 annual income or five percent monthly interest after an initial P50,000 minimum investment.
Daily TribuneThe SEC has learned that Empressly Skin Care Center Corp. has been promising the public at least P30,000 annual income or five percent monthly interest after an initial P50,000 minimum investment.
The Securities and Exchange Commission (SEC) warned the public against investing in offerings by Empressly Skin Care Center Corp.
The SEC said the corporation does not have a license to solicit investments.
The government agency found that Empressly Skin Care Center Corp. has been promising the public at least P30,000 annual income or five percent monthly interest after an initial P50,000 minimum investment.
The corporation claims it needs extra funds for expansion of its clinic branches and a return on investment within one to three years.
Deceptive solicitation of investments
Pointed out the agency, "The SEC prohibits deceptive solicitation of investments from the public which includes Ponzi schemes and such other schemes involving the promise or offer of profits sourced from investments or contributions by investors themselves without a license or permit from the SEC.”
While a business owns an SEC certificate of registration to become a corporation, the government agency cautioned the public that a separate license for investing activities is required.
This rule falls under Republic Act 11765 or the Financial Products and Services Consumer Protection Act.