The Need To Earn
I think people need to earn now more than ever. We are on a crisis. When Pandemic hit people lost their business. People lost their jobs. That made a lot of people desperate. If you are desperate for cash, some people will use it against you.
Forsage scheme continues despite SEC investor warnings Forsage scheme continues despite SEC investor warnings BUSINESS 7 AUGUST 2020
An alleged digital currency Ponzi scheme has continued to attract unsuspecting investors in the Philippines, more than a month after it was first flagged by regulators.
The securities regulator of the Philippines cautioned investors to be aware of several digital currency schemes in July, including a company called Forsage, in its latest round of warnings against unauthorized schemes and their operators.
The Securities and Exchange Commission (SEC) published details of three firms peddling digital currency that investors should be aware of—Forsage, RCashOnline and The Saint John of Jerusalem Knights of Malta Foundation of the Philippines, Inc. Forsage was identified as being unregistered, which means the company has no legal standing to accept investments, or to sell investment products to the public. Yet a month later, the scheme is still operating without the approval of the securities regulator.
Those involved in the company are liable to prosecution according to the SEC, with unlawful investment activity attracting up to 21 years in prison, as well as fines of up to PHP5 million (~US$102,000).
Miguel Cuneta, co-founder of local fintech startup Satoshi Citadel Industries, described Forsage as a “run-of-the-mill Ponzi” scheme. He was quoted by other media sources saying that he’s received inquiries about “’investing’ in Ethereum” as “people are posting screenshots of their wallets turning a small amount of money into a large amount of money in a short time.”
“It’s the run-of-the-mill Ponzi scheme using Ethereum, or in the case of the earlier ones that were already busted, BTC, as the ‘product’ they are selling,” Cuneta said.
“Join by paying X amount of money, and then either do nothing and earn in ETH, or if you want to earn more, recruit three people and let them do the same thing. They use the rising BTC and ETH prices to prove that the investment is really earning. It’s the same formula every single time. Sadly, people are desperate to earn extra income in this pandemic crisis and fall for these schemes more easily.”
EC "Based on numerous reports and information gathered by the Commission, the entity operating under the name FORSAGE, headed by LADO OKHOTNIKOV, is found to be engaged in investment-taking activities in the Philippines which is NOT AUTHORIZED by the Commission,” the SEC noted.
“The public is advised NOT TO INVEST or STOP INVESTING in any scheme offered by FORSAGE or such other entities engaged in smart contracts, cryptocurrencies, and digital asset trading that are not registered with the Commission and the BSP,” the SEC further said.
“It is not an investment strategy but a gullibility scheme, which works only as long as there is an ever increasing number of new investors joining the scheme,”
Forsage is the latest in the SEC’s list of unauthorized investment operators ordered to shut down this year. The others are Fast Track Worldwide, Inc.; JOCALS688 Beauty and Wellness Products Trading, Inc.; Building Our Success Stories Network, Inc.; CROWD1 Asia Pacific, Inc.; Lion City Finance Group, Inc.; and Payasian Pte. Ltd. Corp.
My Personal Tip
If you ask me how all these years I avoided scams and ponzi schemes I will tell you na its very simple. Una, if may mag invite sa inyo sa kung ano man na business or online investment type ninyo agad sa google. Do a search kase if fraud yan marami articles lalabas. That’s easy to do.
Let’s say mautak sila at ngpopost sila good reviews ng company nila sa internet. Heto next ninyo na gawin. Ask nyo kung saan galing ang kikita.in nyo. May product ba sila or kailangan mo magrecruit. If my product try mo e check gaano kaganda ang product nila na kayang magbigay sayo ng maraming pera from sales. If sabon ang product nila for example tapos sinasabihan ka magiging mayaman ka in short time aba’y magduda ka na kase di naman ganyan kadami bumibili ng sabon. If my product hanapin mo magkano sales nila via products per month and magkano profit sa sales na yun. Do a mental math to see if malakas nga ba kita.
If walang product at kailangan mo magrecruit aba’y umayaw ka na agad kase ang kita mo manggagaling sa pera ng e rerecruit mo. If may product pero di naman ganun kalaki ang kita sa product na yun pero sinasabihan ka yayaman ka aba’y umayaw ka na agad. Panghuli, kapag hindi mo naiintindihan ang negosyo or kung paano ang company kumikita ng pera senyales na yan na dapat mo iwasan. Marami kase lilituhin ka. Sasabihin na nag iinvest ang company sa bitcoin or forex kaya million million ang kinikita. Haleeer if million million kinikita bakit ka pa iniinvite??
Kung marami kayo time email or call nyo SEC to verify if scam nga ba. Lets all help each other para mabawasan na nabibiktima ng mga ganito. Yung ibang ngrerecruit are also victims kase di nila na fully comprehend na illegal ang ginagawa nila. I hope we can all work together to help stop scams sa Pinas.
Our advocacy is FREE Education for Filipinos who are willing to learn stock trading/investing. We offer free Technical/Fundamental Analysis and Market Psychology learning materials.
Interested to know about how you can profit in the stock market but have no time to study how to trade? Long-term investing through MARGe is for you. To know more, visit this link marge.com.ph
If you want to learn more about stock trading join our Facebook Group Traders Den PH.
Inside Traders Den PH are the following: Weekly Lessons, Healthy Discussions about strategies, experiences, and lessons about stock trading. Trading strategies like MAMA, FISHBALL, PAPA, CALMA, and fun games too. For video guide you can watch our videos in Traders Den PH Youtube Channel
We want to offer OFW’s, Employees, and all Filipinos a chance to learn without paying a cent. This is our way of giving back to the community.
Come join us. Let us push free learning!