SEC warns against online entity WBA

According to sources, WBA plans to change its name to BTC and now offers to double the investors’ monies after 10 months.

The Securities and Exchange Commission (SEC) warned the public against investing in online entities operating under the name WBA, noting it does not have the license to conduct, offer or solicit investments from the public.

The corporate regulator said the advisory comes after reports it received regarding the activities of WBA Development Corp., WBA Advertising, Wealth Builder Advertising, Wealth Builder Accelerator, Wealth Builder Accelerator-WBA Advertising Philippines and BTC.

“The commission wishes to inform the public that WBA is NOT AUTHORIZED to solicit, accept or take investments/placements from the public nor to issue investment contracts and other forms of securities defined under Section 3 of the Securities Regulation Code (SRC) because it does not have a secondary license from the commission to solicit investments or other securities from the public for whatever purpose,” the SEC said.

It added that the entities were operated by certain Librado Perez, Omar de la Cruz and Noe Perez.

WBA’s scheme involves compensation plans (complans) with a minimum investment of P5,000 for a revenue-sharing program. WBA offers bonuses such as an P800 sign-up bonus, P1,500 referral link bonus and P300 direct referral bonus.

The SEC said it also offers a leveraging system where investors can earn 5 percent from transactions made by their direct referrals and another one percent from their second to seventh level referrals, as well as a project funding with a minimum investment of P10,000.

For the latter scheme, SEC said WBA promises a return of investment of 20 percent per month. The entity also promises automobile and condominium units to its VIP subscribers and investors.

“According to sources, WBA plans to change its name to BTC and now offers to double the investors’ monies after 10 months,” the SEC noted.

Individuals who act in behalf of WBA or BTC in selling or convincing people to invest in their schemes via the internet may be prosecuted and held criminally liable as per the SRC. They may be penalized with a maximum fine of P5 million or penalty of 21 years or both.

The SEC said those who recruit or invite other individuals to invest in the ventures may incur criminal liability or be sanctioned or penalized by the Supreme Court.

Lastly, the SEC said it will report the names of those involved in the scheme to the Bureau of Internal Revenue for the appropriate penalties or taxes which may be imposed.