July 24, 2022

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SEC advises the public to stop investing in Marsgas

THE Securities and Exchange Commission (SEC) has advised the public that Marsgas Petrochemical Products Trading is not registered with the commission and to cease investing in the said entity.

Marsgas Petrochemical, which also operates under the names Marsgas and Mars-Gas.com, entices the public to invest money with the promise of high monetary rewards or profits, said the SEC in an advisory released on Friday.

The SEC said that information gathered from the Facebook page of Marsgas Petrochemical showed that it has been inviting the public to invest with a promise of receiving 10% daily profits for 20 days.

In the entity’s “ways to earn,” an investor through direct referral is promised to earn P100 for every active invite. Through indirect referral, the investor is promised to earn P5 on different levels and from profits that will give 10% earnings for 20 days.

In the compensation plan, a P500 investment will give the investor a daily income of P50 for 20 days, which will bring P1,000 in total, including the capital.  The rates in the posted plan go as high as P10,000, which is equivalent to a daily income of P1,000 or P20,000 in total.

The company is also said to post pictures of its Department of Trade and Industry business registration and Esso Mobil Certificate of Recognition issued to Mars Petrochem Pvt. Ltd., as a way of the enticing public to invest.

In its advisory, the SEC said Marsgas Petrochemical or the other names it uses “is not registered with the Commission and is not authorized to solicit investment from the public, not having secured prior registration and/or license to sell securities or solicit investments as prescribed under Section 8 of the Securities Regulation Code.”

The public is also advised to report any information regarding the said operation to the SEC’s Enforcement and Investor Protection Department at 8818-6047 or email at epd@sec.gov.ph. — Justine Irish D. Tabile