THE Securities and Exchange Commission (SEC) warned the public against investing in MetaProfit, a blockchain technology platform.
“Further, it is not authorized to solicit investments from the public since it has not secured prior registration and/or license from the commission,” the SEC said.
In its advisory, the SEC reported that MetaProfit is offering to the public a minimum investment amount of 0.05 Binance coins, “promising earnings of 1% daily in total of 30% for 30 days subscription depending on your subscribed amount plus 100% capital after maturity within 30 days and bonuses from the associate program.”
MetaProfit offers daily deposits and withdrawals through a selected cryptocurrency wallet. It is headed by Arthur Dvali, its chief executive officer.
On its website, MetaProfit describes itself as a “platform that uses technical, research and financial skills in Blockchain Development companies.”
“In connection, the platform created a custom-build subscription and website that offer the potential of gaining profit through the optimization of blockchain technology,” it added.
The SEC said that the sale of securities to the public must be duly registered and that the concerned corporation and its agents must have the appropriate registration or license to sell such securities to the public.
“Hence, those who act as salesmen, brokers, dealers or agents or claim to act as such for MetaProfit in selling or convincing people to invest in the investment scheme being offered by said entity including solicitations and recruitment through the internet may be prosecuted and held criminally liable,” the SEC said.
The penalty is a maximum fine of P5 million or up to 21 years of imprisonment.
“Also, those who invite or recruit others to join or invest in such ventures or offer investment contracts or securities to the public may incur criminal liability, or otherwise be sanctioned or penalized accordingly,” the SEC said.
“The public is advised not to invest or stop investing in any investment scheme being offered by any individual or group of persons allegedly for or on behalf of MetaProfit, and to exercise caution in dealing with any individuals or group of persons soliciting investments for and on behalf of it,” it added. — Luisa Maria Jacinta C. Jocson