SEC warns public vs Technovanti Neteligence

The SEC said Technovanti promises a P500 sign-up bonus in both complans and a total of P1,500 YouTube viewing rewards, or a P300 reward per viewed video for one video a day for five days.

The Securities and Exchange Commission (SEC) warns the investing public from transacting with an online entity operating under the name Technovanti Neteligence Inc. for its lack of authorization to solicit or accept securities from the public.

In an advisory dated 25 November, the corporate regulator said the warning comes after reports and inquiries it received regarding the entity’s activities.

“Technovanti claimed that it is 100 percent legitimate and that it has complied with all the legalities, but it must be noted that acquiring a primary registration with the commission is not a license or authority to solicit investment from the public,” the SEC said.

It clarified the primary registration only grants applicants juridical personality but does not authorize it to issue, sell or offer securities or undertake investment activities, as such require a secondary license from the commission as provided by the Securities and Regulation Code.

The SEC said Technovanti’s scheme comprises the offering of “compensation plans” using the paid-to-click program, or programs that promise significant gains for minimal investment, such as doing bogus clicking jobs, logging every day in the website, obtaining referrals or buying ad packs.

Technovanti’s entry complans range from P1,000 to P1,500 with alkaline capsule products. The SEC said Technovanti promises a P500 sign-up bonus in both complans and a total of P1,500 YouTube viewing rewards, or a P300 reward per viewed video for one video a day for five days.

The commission said it also promises other passive incomes and incentives such as a P100 bonus for every recruit, P200 group sales bonus, the latest Ipad, a “dream travel” to Ibiza, a Carribean Cruise, a food cart business and a sports car.

“However, the minimum encashment is P3,000, so the investors are obliged either to acquire multiple accounts in order to get their payouts or to engage in networking in order to receive passive income and to qualify for the minimum encashment,” the SEC noted.

It added that the public must be wary of schemes focusing in member recruitment rather than earning profits from the sale of products as it may be a disguised pyramiding scheme.

Individuals who act as salesmen, brokers, dealers or agents for Technovanti to engage people to invest in their scheme via the internet may be prosecuted and held criminally liable under the SRC.

They may be penalized with a maximum fine of P5 million or penalty of 21 years of imprisonment or both.

Additionally, entities behind such schemes may be sanctioned or penalized accordingly by the Supreme Court. The SEC said the names of those involved will also be reported to the Bureau of Internal Revenue for the appropriate penalties or taxes correspondingly assessed.