Sen. Pres. Koko Pimentel Slams Cryptocurrency Scam Using His Name

Senate President Aquilino "Koko" Pimentel III hit a new swindling operation that uses his name and that of the Senate to attract victims.

Digital Currency Co., Ltd. (DCC) claimed that it has partnered with the Senate of the Philippines for the release of a virtual currency called the Philippine Global Coin (PGC), using pictures of the Senate chief to buttress its claims.

"There is no partnership between me and DCC, or the Senate and DCC. I met with these people as a matter of courtesy to visitors. I am shocked at their bold claims of an agreement between us using pictures that politicians normally have with visitors", said Pimentel.

The Senate leader explained that the Senate cannot issue currency, as it is the mandate of the Bangko Sentral ng Pilipinas. Pimentel is concerned that DCC might target OFWs, putting their hard-earned savings at risk.

He said, "I ask our OFWs to be wary of those who use the names of government officials and institutions in investment schemes. The government will never engage in activities that will profit off their sacrifices and hard work. Always check with the Philippine Embassy to verify individual claims of this nature."

SEC Advisory: ALIFELONG MARKETING AND SERVICES, INC.

ENFORCEMENT AND INVESTOR PROTECTION DEPARTMENT

SEC ADVISORY

The Commission has received information that individuals or group of persons representing ALIFELONG MARKETING AND SERVICES, INC. are enticing the public to invest in the said entity. ALIFELONG claims that it is an advertising/marketing company having clientele based abroad. It guarantees to its members significant gains from their One Thousand and Five Hundred Peso (P1,500) initial investment by buying “clicking accounts” or by simply obtaining referrals.
Based on information gathered by the Enforcement and Investor Protection Department (EIPD), ALIFELONG requires its members to sign up through its website by clicking a sponsored link and purchasing an activation code worth One Thousand Five Hundred pesos (P1,500) using either bitcoin or by depositing money in certain bank accounts.

ALIFELONG claims its members may earn in 6 ways:

1. Sign up Reward – The member will earn Three Hundred Pesos (P300) upon registration;
2. Sponsoring an Affiliate Reward – The member will earn One Hundred Pesos (P100) every person he/she sponsors into the system. There are no limitations as to how many the member intends to sponsor;
3. Youclick Programme – all members can opt-in to join this program and can earn Five Hundred Pesos (P500) daily or Two Thousand Five Hundred Pesos (P2,500) given that they have completed the click threshold of 5,000 clicks per day for 5 business days only. The activation code to join this program is One Thousand Five Hundred pesos (P1,500) which they can get from their upline. Upon reaching the maximum earnings of Two Thousand Five Hundred Pesos (P2,500) the youclick account will cease to function or be deactivated. The member may purchase another activation code, and he/she can do the clicking again to earn Two Thousand Five Hundred (P2,500) and up to 15 youclick account activation.
4. Match Sales Reward – The member will earn P150 for every match in the binary structure. The maximum reward per account is Four Thousand Five Hundred Pesos (P4,500) equivalent to 30 matches per day.
5. Sponsorship Level Reward – The member will earn Forty Pesos (P40) on his/her first level and Ten Pesos (P10) on the 2nd up to the 10th level of the binary structure.
6. Leveling Bonus – The member will earn Four Hundred Pesos (P400) for every match in each level down to the 12th level of the binary structure.

The public is hereby warned that such investment schemes whether with the use of bitcoins or money are considered as securities subject to the regulatory authority of this Commission. The recruitment of investor members under the guise of sponsoring a person into the system is likewise considered a form of investment solicitation or a sale of securities. The offering or sale of securities to the public without a permit or license from the Commission is a violation of Section 8.1 of the Securities Regulation Code (SRC).

The public is hereby informed that ALIFELONG MARKETING AND SERVICES, INC., despite having been registered with the Commission as a corporation, is not authorized to solicit investments from the public as it has not secured the necessary license or permit from the Commission as required under Sections 8 and 12 of the Securities Regulation Code (SRC).
Those who act as salesman, brokers, dealers or agents of ALIFELONG MARKETING AND SERVICES, INC., in selling or convincing people to invest in the investment scheme being offered by ALIFELONG MARKETING AND SERVICES, INC. including solicitations or recruitment through the internet may likewise be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code and penalized with a maximum fine of Five Million Pesos (P5,000,000.00) or penalty of twenty one (21) years imprisonment or both pursuant to Section 73 of the SRC.

Accordingly, those who invite or recruit other people to join or invest in this venture or offer contracts or securities to the public may be held liable or accordingly sanctioned or penalized in accordance with the Supreme Court decision in the case of SEC vs. Oudine Santos (G.R. No. 195542, March 19, 2014).

In view thereof, the public is hereby advised to exercise caution before investing in these kinds of activities and to take the necessary precaution in dealing with ALIFELONG MARKETING AND SERVICES, INC. or its representatives.

Should you have any information regarding the operation of the subject entity or have invested in the said entity, you can call the Enforcement and Investor Protection Department at telephone numbers 818-6047 or 818-6337.