CubeBit has obtained a securities fraud warning from the Philippines SEC.
As per the SEC’s December tenth warning, CubeBit is ‘soliciting investments within the Philippines WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY from the Fee.’
The general public is once more warned of such doable “Ponzi Scheme” providing high-yielding investments on-line.
That is the equal of a securities fraud warning in different jurisdictions.
The SEC’s warning pertains to CubeBit, CubeBit 2.0 and CubeBit Philippines. The regulator likens CubeBit to ‘different entities already flagged by the Fee as scams’.
CUBEBIT 2.0 seems to be 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.
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 put money into their funding scheme supplied together with solicitations and recruitment via the web could likewise be criminally prosecuted and penalized with a most positive of 5 Million pesos (P5,000,000.00) or a penalty of Twenty-one (21) years of imprisonment or each pursuant to Sections 28 and 73 of the SRC.
- Paul Schwartz is a Fiverr actor CubeBit initially tried to go off as its CEO
- Konstantin Janke changed Schwartz and is one other actor employed from a advertising company
- Romel Gumiran is a Filipino nationwide, he’s believed to be operating or working with these truly operating CubeBit
- Dave Baguyo hosts official CubeBit advertising shows
- Sherman Sager, Allan Tad-y (not pictured), Joe Bedore and Jojo Tan are CubeBit associates believed to be residing within the US
Paul Hermosa, Andrew Castillo, Rowel Rana and Ellanor Macaballug all seem like Philippines primarily based CubeBit associates.
BehindMLM reviewed CubeBit in October 2020. Based mostly on its enterprise mannequin, we decided CubeBit was an MLM crypto Ponzi pyramid scheme.
That is consistent with the Philippine SEC’s findings;
The general public is knowledgeable that providing and sale of securities within the type of funding contracts utilizing the “Ponzi Scheme” which is fraudulent and unsustainable, is NOT a registrable safety.
The Fee won’t problem a License to Promote Securities to the Public to individuals or entities which might be engaged
on this enterprise or scheme.A “Ponzi Scheme” is a rip-off that includes a scheme the place monies from new traders are utilized in paying “faux income” to prior traders and is designed primarily to favor its high recruiters and prior danger takers and is detrimental
to subsequent members in case of shortage of recent traders.
CubeBit responded to our evaluation by claiming it contained “fabricated contents”.
CubeBit shouldn’t be registered to supply securities in any jurisdiction and operates illegally around the globe.
On the time of publication Alexa cites Pakistan as the one notable supply of site visitors to CubeBit’s web site (63%).