THE Securities and Exchange Commission (SEC) has flagged an unauthorized investment scheme that promises payment for answering online polls.
In an advisory posted on its website, the corporate regulator identified World of Survey, which uses Facebook to recruit members.
It sells member accounts for P1,500 each, with a maximum of 50 accounts for an investment of P75,000. Every account must answer five polls daily to earn as much as P60 a poll.
Members also earn P100 in sponsorship rewards for recruiting more people. Recruiters also get matching sales and leveling bonuses.
The SEC said World of Survey’s activities are equivalent to selling securities to the public, which is regulated and requires a license.
World of Survey is neither registered with the SEC as a corporation or partnership, it said. It also does not have the secondary license to sell securities and solicit investments from the public, it added.
“The public is advised not to invest or stop investing in any investment scheme being offered by any individual or group of persons allegedly for or on behalf of World of Survey,” it said.
Salesmen, brokers, dealers and agents that work for World of Survey may be fined P5 million or jailed for up to 21 years, or both, the corporate regulator said.
It asked the public to report investment schemes to its Enforcement and Investor Protection Department.
BusinessWorld tried to contact World of Survey for comments but it did not immediately reply. — Denise A. Valdez