Butuan: The Securities and Exchange Commission-Butuan Extension Office (SEC-Butuan EO) has issued an advisory warning residents of Caraga Region against investing in unlicensed online and cryptocurrency schemes that have been recently observed in the area.

According to Philippines News Agency, the SEC-Butuan EO highlighted that BG Wealth Sharing Ltd., represented by its founder, Professor Stephen Beard, is not authorized to solicit investments in the Philippines. The advisory urged regional residents to refrain from investing in the online scheme promoted by BG Wealth Sharing Ltd.

The SEC Butuan EO emphasized that BG Wealth Sharing Ltd. is neither registered nor licensed to solicit investments in the country. The agency cautioned residents about promotional content and guaranteed returns shared by the company on social media platforms.

The investment scheme claims to offer opportunities disguised as cryptocurrency copy trading, promising a daily compounded interest rate of 1.3 percent with a minimum investment requirement of USD500, equivalent to PHP30,000.

Residents have been advised to use the SEC Check App, available on Google Play Store and Apple App Store, to verify the SEC registrations of any groups or companies offering investments to the public.

The SEC-Butuan EO also mentioned that it is coordinating with other agencies and local government units in the region to enhance information dissemination efforts. The public is urged to report any knowledge or information regarding unregistered or unlicensed online cryptocurrency investment schemes.