“Based on reports and information gathered by the Commission, individuals or group of persons claiming to represent PH-IGM / IGM/ INSPIRATION GLOBAL MEDIA, are enticing the public, through social media platform/s to invest in said entity.”

This is the statement of the Securities and Exchange Commission (SEC) after conducting an investigation following the reports that a social media platform named Inspiration Global Media (IGM), or as others know as PH-IGM, is selling investment contracts to the public. 

According to the Commission, the following products and services of PH-IGM are considered investment contracts:

Interested individuals can sign up and join through agents, an application, or through a website, and invest from ₱200 up to ₱15,000 which can earn:5% daily.150% in just 30 days.1000% for 200 days.New users who recharge for the first time will get a 5% additional cash bonus on the top-up amount. Investors may also earn by inviting new users to get a 10% commission bonus. *

Sample Investment Plan for 200 Days of PH-IGM, as released by the SEC.

As of the regulatory agency’s explanation, an “investment contract” exists when there is an investment or placement of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.

Which, the Securities Regulation Code (SRC) requires entities or agents to have an appropriate registration or license from the SEC to sell these securities in the form of investment contracts to the public. 

“Based on the Commission’s database, PH-IGM / IGM / INSPIRATION GLOBAL MEDIA, is NOT REGISTERED as a corporation or partnership and OPERATES WITHOUT THE NECESSARY    LICENSE    AND/OR    AUTHORITY 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),” the Commission emphasized.

The regulatory agency also called the operation of PH-IGM a “Ponzi Scheme,” because it uses the money of new users to pay the profit of the old user who invited the new user, which the entity called a “commission bonus:” *

“The offering and selling of securities in the form of investment contracts using the ‘Ponzi Scheme,’ which is fraudulent and unsustainable, is NOT a registrable security. The Commission will not issue a License to Sell Securities to the Public to persons or entities that are engaged in this business or scheme.”

Along with this, the Commission warns all the individuals who act as salesmen, brokers, agents, dealers, representatives, promoters, uplines, recruiters, influencers, endorsers, and enablers of PH-IGM that they may be held criminally liable under Section 28 of the SRC and can be penalized with a minimum of ₱500,000,000.00 or 21 years of imprisonment or both.

Furthermore, all the individuals involved will be reported to the Bureau of Internal Revenue so that appropriate penalties and taxes will be assessed. 

“In view thereof, the public is hereby advised to STOP   INVESTING in the investment scheme being offered by PH-IGM / IGM / INSPIRATION GLOBAL MEDIA, and its representatives,” the SEC concluded.

This article is published on BitPinas: Up to 1000% profit for 200 days? SEC Stops Inspiration Global Media’s ‘Ponzi Scheme’

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

The post Up to 1000% profit for 200 days? SEC Stops Inspiration Global Media’s ‘Ponzi Scheme’ appeared first on BitPinas.

---

Filed under: Bitcoin - @ December 19, 2022 6:00 am