The Securities and Exchange Commission is warning the public against investing in Oriental Peak Mining or with its president Ranillo Paz since both the company and Paz are not authorized to solicit investments.
The corporate watchdog said it has noticed that individuals or group of persons, particularly Paz, is soliciting from the public to invest in Oriental Peak Mining, an unregistered entity purportedly engaged in nickel mining operations.
The entity entices the public to invest online or through the internet by paying an amount ranging from P500.00 to P1 million with a guaranteed daily profit of 5 percent for 60 days or for a total earning of 300 percent in just 60 days.
The SEC added that, such offer was subsequently modified to a daily profit of 5 percent for 45 days or for a total of 225 percent in just 45 days. At present, Paz now offers a 15-day payout where monies invested will double in just 15 days.
“In the initial assessment of the activities of Oriental Peak Mining, it appears that the said unregistered entity is engaged in fraudulent transactions and in the solicitation, offering, and/or selling of unregistered securities from the public in the form of investment contract without the necessary license in violation of the Securities Regulation Code (SRC),” said the SEC.
Accordingly, the Commission warns all unscrupulous individuals and/or entities that strict penalties are imposed for violations of the SRC, the Revised Corporation Code of the Philippines and such other laws, rules and regulations enforced by the Commission.
Those who act as salesmen, brokers, dealers or agents of Oriental Peak Mining vis-à-vis Ranillo Paz in selling or convincing people to invest in what appears to be an investment scheme being offered by said entity including solicitations and recruitment through the internet may be prosecuted and held criminally liable and penalized with a maximum fine of P5 million pesos or penalty of 21 years of imprisonment or both.