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SEC Warns Public: Sophia Francisco Holding Continues Illegal Scheme Under ‘CRYPTOGIX’

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After issuing an advisory against SOPHIA FRANCISCO HOLDING OPC / FINANCIAL CONSULTANCY SERVICES SOPHIA-FRANCISCO / SOPHIA FRANCISCO TRADING last September, the Securities and Exchange Commission (SEC) again issued an advisory against the latter, as the company’s illegal investment activities are evident that it is still an illegal investment solicitation . name CRYPTOGIX.

According to the Commission, CRYPTOGIX implements an exactly identical scheme to SOPHIA FRANCISCO HOLDING, such as:

  • Claimed to offer investments to the public with a minimum amount of PHP 590.00 and passive income up to 100% for 90 days.
  • A 5% referral fee is awarded to those who are able to attract others to invest in CRYPTOGIX.
  • Investors are encouraged to register an account with Binance for ease of transaction. Investors are invited to buy Binance USD (BUSD) through Binance and deposit the BUSD to a specified Crypto Network address.

The regulatory agency also added that Sophia Francisco entered into “Joint Venture Agreements” through an official Facebook group to assure investors that they could claim their earnings after the said 90-day lock-up period.

Currently, CRYPTOGIX offers investments to the public through the official Facebook group https://www.facebook.com/groups/444481784355191 and website https://cryptogix.ph/.

“The Commission’s records show that CRYPTOGIX is not registered as a corporation or partnership. Furthermore, CRYPTOGIX is NOT AUTHORIZED to solicit investment from the public because it has not obtained prior registration and/or license from the Commission in accordance with Sections 8 and 28 of the SRC.” in the advisory opinion because the Commission found that the services sold by CRYPTOGIX are considered securities in the form of investment contracts.

The SEC also cautioned salesmen, brokers, dealers or agents, or claim to act as such, of SOPHIA FRANCISCO HOLDING OPC and/or CRYPTOGIX when selling or persuading people to invest in an investment scheme offered by said entity, including through solicitation and recruitment. Internet may be prosecuted and held criminally liable pursuant to Section 28 of the SRC and shall be liable to a fine of not more than five million pesos (P5,000,000.00) or imprisonment for twenty one (21) years or both pursuant to Section 73 of the Act. SRC.

“Therefore, the public is advised NOT to INVEST or STOP INVESTING in investment schemes offered by any individual or group of individuals purporting to be for or on behalf of CRYPTOGIX and to exercise caution in dealing with any individual or group of individuals soliciting investments for and on behalf of CRYPTOGIX,” the regulatory agency concluded.

This is not the first time that the community has used the crypto name to sell securities and investment contracts. If you want to know other advice against the parties who made the mentioned system, go to: https://bitpinas.com/tag/sec-advisory/

This article was published on BitPinas: SEC Warns Public: Sophia Francisco Holding Perpetuates Illegal Scheme Using CRYPTOGIX Code

Disclaimer: BitPinas articles and its external content do not constitute financial advice. The team delivers independent, unbiased news to provide information on Philippine crypto and beyond.

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