SEC warns investors against Adscent International
THE Securities and Exchange Commission (SEC) has warned the public against Adscent International, saying it is promoting investment schemes that promise unusually high returns over short periods.
In an advisory, the corporate regulator said Adscent International, using Facebook and agents, is soliciting funds or offering loans with promised returns of 120%, 350% and 300% over seven, 20 and 15 days, depending on the completion of certain tasks. The scheme also offers a 10% bonus for referring others.
“Investors may register through their website… or join Facebook groups managed by team leaders to manage their investments and serve as advisers in future transactions,” the SEC said.
The regulator noted that Adscent International’s social media posts offer three investment plans with different profit margins linked to varying minimum and maximum investment amounts.
The SEC said such arrangements constitute an investment contract, which under the Securities Regulation Code must be registered and authorized by the commission.
The code defines an investment contract as a security where funds are invested in a common enterprise with profits expected primarily from the efforts of others.
Adscent International does not have a license to solicit investments. Its chief executive officer has also not been registered as an associated person, compliance officer, salesman or certified investment solicitor for any broker-dealer, investment house, underwriter, investment adviser or mutual fund distributor, the SEC said.
The company’s website link is unavailable, and no other contact information for Adscent International is publicly listed. — Alexandria Grace C. Magno
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