SEC Issues Warning Against Unregistered Trading Platform, INFINITY SUCCESS: Potential Ponzi Scheme

The Philippine Securities and Exchange Commission (SEC) has issued a public warning against the unauthorized operations of INFINITY SUCCESS, also known as INFINITY SUCCESS TRADING. The advisory, dated 04 July 2023, warns the public that this entity lacks the necessary licenses and registrations to solicit investments.

The Commission's warning comes after reports surfaced that SARIF HASAN and his group have been luring the public to invest through their website and social media platforms. They present themselves as a team of professional traders, promising to guide investors toward safe trading practices. They also allegedly provide signals and read patterns to ensure the safety of their investors' trades.

INFINITY SUCCESS is reported to offer investment packages from Php500.00 to Php100,000.00, promising a whopping 40% return after just seven days. The group claims to generate profits through forex and crypto trading and plans to expand as casino junket operators.

The SEC highlights that INFINITY SUCCESS's scheme fits the characteristics of an “investment contract,” a type of security defined under the Securities Regulation Code (SRC). An investment contract is characterized by the investment of money in a common enterprise with profits expected mainly from the efforts of others.

The SRC mandates that any offer or sale of securities, such as the investment contracts offered by INFINITY SUCCESS, must be registered with the SEC. The entities involved must possess the appropriate licenses to sell such securities to the public.

The Commission further stressed that INFINITY SUCCESS is operating without the necessary licenses to solicit investments from the public or to issue investment contracts or securities. Their operation exhibits features of a Ponzi Scheme, a fraudulent and unsustainable investment strategy where funds from new investors are used to pay “fake profits” to earlier investors.

The SEC strongly advises the public to refrain from investing in INFINITY SUCCESS or any other entities with similar schemes. The public is also urged to exercise caution when dealing with individuals or groups soliciting investments for INFINITY SUCCESS.

Individuals who act as agents, recruiters, promoters, influencers, endorsers, or enablers for INFINITY SUCCESS, in selling or convincing people to invest in their scheme, may be held criminally liable under the Financial Products and Services Consumer Protection Act (FCPA) and SRC. Violations can result in a maximum fine of Php5,000,000.00, twenty-one years of imprisonment, or both.

The SEC encourages anyone with information about any investment solicitation on behalf of INFINITY SUCCESS or SARIF HASAN to report to the Commission or to WikiFX Support.

The said broker is not far away from V5 Forex Global that recently very trending on Social Media that suspected illegal online trading activities to cover the real ways they have done to innocent people which is through the “Ponzi Scheme”.

V5 Forex Global Scam Exposed: Seems The Traders Are Now Unable to Withdraw Funds Permanently

V5 Forex Global is under fire for trapping traders in a scam, making it impossible to withdraw funds. Stay secure and informed using the WikiFX App to avoid such fraudulent activities.

Exposure 2023-07-04

Further Reading

You may check out all the complaints against V5 Forex Global and make awareness people.

Link: https://www.wikifx.com/en/exposure/exposure/2482079142.html

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