The Securities and Trade Fee (SEC) has warned the general public towards investing in Cubebit Philippines as its operations had been flagged by the company as a doable Ponzi scheme.
In its advisory, the SEC famous that the group makes use of the identify 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 vital license and seems to be operating 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.
“Much like the modus of different entities already flagged by the fee as scams, Cubebit 2.0 claims to offer essentially the most worthwhile and secured platform for customers to develop digital belongings and passive earnings on-line via its intensive 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 applications which provides 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 payment is €100.00 or at the very least P5,800 with a assured every day revenue starting from 0.80 % to 2.5 % for 180 days, or a complete of 144 % to 450 % enhance in income after the mentioned interval, with a further earnings of 5 % 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 doable 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 acceptable registration and/or license to promote such securities to the general public,” it mentioned.
The SEC added that other than 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 individuals to spend money on their funding scheme provided together with solicitations and recruitment via 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.”