The Securities and Alternate Fee (SEC) has warned the general public in opposition to investing in Cubebit Philippines as its operations have been flagged by the company as a potential Ponzi scheme.
In its advisory, the SEC famous that the group makes use of the title Cubeit 2.0, Cubeit and Cubeit Philippines and operates the web site www.cubeit.io. The company mentioned the corporate is working with out a mandatory license and seems to be working a rip-off.
The company mentioned Cubeit is operated by its new CEO and co-founder Konstantin Janke along with former CEO Paul Schwartz, world ambassador Romel Gumiran, chief world advisor Dave Baguyo, and founding members Sherman Sager, Allan Tad-Y, Joe Bedore and Jojo Tan, amongst others.
“Just like the modus of different entities already flagged by the fee as scams, Cubebit 2.0 claims to supply probably the most worthwhile and secured platform for customers to develop digital property and passive revenue on-line by means of its in depth ecosystem which incorporates the Dice Store, Dice Academy, Cpay, I-Play, Adcube or its crowdfunding and referral system program, Cubex on-line buying and selling platform, Cubot automated cryptocurrency buying and selling program, and the sale or preliminary coin providing of its Cubecoin token (CUB),” the company mentioned.
The group’s precise compensation plan and money-making scheme focuses totally on its supposed buying and selling and crowdfunding packages which affords memberships to its Lite Account for €49.00 or virtually P3,000 per account, and its Elite Account for €299.00 or virtually P17,500 per account, with corresponding referral, binary, uni-level bonuses and management rating incentives, which the SEC mentioned “appears to be too good to be true.”
Cubebit 2.0’s minimal subscription price is €100.00 or at the least P5,800 with a assured day by day revenue starting from 0.80 p.c to 2.5 p.c for 180 days, or a complete of 144 p.c to 450 p.c enhance in income after the mentioned interval, with a further revenue of 5 p.c primarily based on the quantity of each added funding made by the person or subscriptions positioned by direct referrals.
“Accordingly, the general public is once more warned of such potential Ponzi scheme providing high-yielding investments on-line. Please notice that the Securities Regulation Code requires that mentioned provide and sale of securities should be duly registered with the Fee and that the involved company and/or its brokers have applicable registration and/or license to promote such securities to the general public,” it mentioned.
The SEC added that apart from the corporate not being registered with the company, additionally it is not allowed to function a crowdfunding middleman or a funding portal.
“Those that act as salesmen, brokers, sellers or brokers of such unauthorized entities like Paul Hermosa, Andrew Castillo, Rowel Raňa And Ellanor Macaballug in promoting or convincing folks to spend money on their funding scheme supplied together with solicitations and recruitment by means of the web could likewise be criminally prosecuted and penalized with a most high-quality of P5 million, or a penalty of 21 years of imprisonment or each.”