SEC flags TradeXpert for illegally asking for money from individuals

·1 min read

COMPANIES and individuals out to victimize an uninformed public continue to sprout online amid the global health pandemic.

The Securities and Exchange Commission (SEC)-Cebu Extension Office thus calls on the public to be extra vigilant in dealing with online scammers who offer easy and triple-your-money investment returns.

In its March 23 advisory, the SEC flagged TradeXpert and its trade name TradeXpert Technology Information Services for illegally asking for money from individuals to invest in their business.

SEC-Cebu Extension Office officer-in-charge lawyer Alma Marie Dalena said TradeXpert is not registered with the SEC as a corporation or a partnership.

The company apparently entices the public to invest P1,000 with a promise of doubling its money in 20 days or a growth of 10 percent interest every day.

It offers a referral program to would-be investors with a 10 percent referral bonus for every “sign-in” and another five percent for the indirect referral bonus.

Dalena said these schemes involve the sale of securities to the public. Thus, its engagement is illegal.

She urged the public to stop its dealings with TradeXpert, especially with individuals or groups of persons who act on behalf of the company, saying those who invite or recruit others to join or invest can be held criminally liable or face penalty.

The SEC further warns the public against dealing with Catherine Ramirez Reyes, Rafaelito Ele and Mary Ann Reyes, who were identified as the heads of TradeXpert. (PR )