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SEC warns against “Pluggle” investment scheme

SEC/BSP WARNING TO ALL PLUGGLE SCHEME INVESTMENTS (Bitcoins included)
The Securities and Exchange Commission warned people who act as salesmen, brokers, dealers or agents of Pluggle that they may be prosecuted and held criminally liable for selling or convincing people to invest in this scheme.

Under Section 28 of the Securities Regulation Code, maximum fine for this offense is P5 million or 21 years of imprisonment, or both.

The SEC warned that those who invite or recruit people to join or invest in this venture or offer contracts or securities to be public may be held liable.

On the use of Bitcoin, the SEC further advised that the Bangko Sentral ng Pilipinas (BSP) does not intend to endorse any virtual currency, such as bitcon, as a currency since it is neither issued or guaranteed by a central bank nor backed by any commodity.

In a similar manner, the House of Representatives through my House Resolution No. 1406 will be conducting a full investigation on these and determine if its a Ponzi Scheme investment. My sole purpose is to protect the investing public.


http://business.inquirer.net/238483/sec-warns-pluggle-investment-scheme

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