Following the arrest of twenty ProCap Insurance coverage scammers final October, the Philippine SEC famous the Ponzi scheme was nonetheless being promoted within the Philippines.
Apparently the foregoing [arrests] didn’t deter ProCap from finishing up its unauthorized investment-taking actions because the EIPD confirmed one other proof that ProCap is constantly providing/promoting its unregistered securities.
ProCap had actually invited the general public to hitch its enterprise shows through Zoom platform on 23 January 2024 for this objective.
This promoted the Enforcement and Buyers Safety Division (EIPD) to file an instantaneous movement requesting a stop and desist order.
The movement was granted on February eighth and pertains to:
- ProCap Worldwide Inc., a shell firm registered by Marilyn Presto Pedrigal and Jessica Fuentes Florendo within the Philippines;
- ProCap Insure, a shell firm registered in Seychelles; and
- ProCap InsureTech, a shell firm registered in Seychelles
Continued promotion of ProCap within the Philippines runs the chance of perpetrators being held in contempt. It’s assumed this may result in extra arrests.
In response to the arrests final October, ProCap rebranded from ProCap Insurance coverage to ProCap Worldwide.
ProCap additionally employed the legislation agency Aguirre & Gatdula to put out a “we aren’t a rip-off” assertion the day after the October arrests.
Aguirre & Gatdula don’t seem to have a web site. The claimed legislation agency operates on FaceBook by means of Yahoo and GMail electronic mail addresses.
The assertion put out by Aguirre & Gatdula denies the October arrests and claims, regardless of ProCap committing securities fraud, that the corporate “operates throughout the bounds of the legislation”.
Aguirre & Gatdula additionally lie about ProCap being registered with the Philippine SEC.
In its effort to adjust to the Philippine legal guidelines and rules, ProCap engaged the providers of the Agency on 01 October 2023 for the required authorized help to make sure that ProCap operates throughout the bounds of the legislation.
With an current SEC registration and enterprise allow, ProCap’s workplace is open and operational as there isn’t any directive for its closure from any authorities workplace.
As confirmed by within the order granting the EIPD’s stop and desist movement;
ProCap has no license to promote/provide securities.
The EIPD offered in proof the Certifications issued by the Firm Registration and Monitoring Division (CRMD), Markets and Securities Regulation Division (MSRD), and the Company Governance and Finance Division (CGFD) of the Fee [SEC] which all licensed that they haven’t issued to ProCap a secondary license to function as a dealer/supplier of securities, and that ProCap will not be a registered issuer of securities pursuant to … the SRC, or of mutual funds, together with alternate traded funds, membership certificates, and time shares.
ProCap seems to be a Ponzi scheme run out of Singapore by Chinese language nationals.
As of March 2024, SimilarWeb tracked ~5400 month-to-month visits to ProCap’s web site. High sources of site visitors embrace the Philippines 64% (up 367% month on month), Turkey (13%), Switzerland (7%), Japan (7%) and France (5%).
Along with ongoing regulatory enforcement within the Philippines, Hong Kong issued a ProCap securities fraud warning on April eighth.