Following publication of our “Mining Metropolis mendacity about Philippine SEC registration” article earlier this week, I’ve had Mining Metropolis company emailing me to insist the SEC’s personal info is flawed.
That dialogue has now come to a head, following affirmation from the SEC that Mining Metropolis is a Ponzi scheme.
Our preliminary October twenty sixth article lined a then latest Mining Metropolis webinar, by which CEO Gregory Rogowski claimed
we’ve a license for Mining Metropolis and for Prophetek and for what we’re doing, issued by SEC (in) the Philippines.
Inside hours of that article going reside, “Media Mining Metropolis” wrote in to advise;
The contents about Prophetek’s (Mining Metropolis) skilled exercise, which you’ve got talked about in your new article are unfaithful and deceptive.
We encourage you to replace your article. Please word that we’ll be pressured to sue you for infringing private rights if our request just isn’t fulfilled.
Kindly discover hooked up, PROPHETEK MINING CITY Registration Software Type for the Securities and Trade Fee in Philippines.
Perusal of the registration utility kind Mining Metropolis forwarded confirmed it was for Prophetek Mining Metropolis, OPC, a newly created shell firm that has nothing to do with Mining Metropolis’s funding alternative.
I wrote again to Mining Metropolis with a hyperlink to my response article.
On October twenty ninth I obtained a reply from company, hooked up to which was an “official assertion relating to the state of affairs of Mining Metropolis and SEC within the Philippines.”
Related “information” claimed by Mining Metropolis embody;
- We already obtained affirmation that the (Prophetek Mining Metropolis, OPC) registration utility was internally accepted for last assessment & resolution earlier than approval.
- We performed a video name on twenty seventh October 2020 with a consultant supervisor of the SEC workplace within the Philippines, and it’s been estimated that the method will probably be accomplished inside per week from that date, topic to no additional delays.
- The SEC will then announce the end result to the general public.
That very same day the Philippine SEC’s Enforcement and Investor Safety Division put out its personal Mining Metropolis disclaimer advisory.
See should you can spot the variations between the SEC’s and Mining Metropolis’s October twenty ninth statements:
This DISCLAIMER-ADVISORY is prompted by quite a few studies, inquiries, together with posts and movies circulating on social media and video-sharing websites the place it has been made to seem that MINING CITY or variations of its title akin to, amongst others, PROPHETEK MININGCITY, OPC and different entities linked with it, have accomplished the SEC firm registration course of or have in actual fact been registered with the Fee.
That is apparently an effort by people or group of individuals to mislead the general public utilizing such false representations to create a semblance of legality to the operations of MINING CITY for the aim of attractive the general public to inv est in its scheme which was topic of an ADVISORY issued by the Fee on September 10, 2020.
Therefore, opposite to those claims and for the steerage and knowledge of the general public, per data of the Fee,
MINING CITY, PROPHETEK MINING CITY, OPC or any variation of such title utilizing the basis phrase MINING CITY or any entity linked with it, are NOT REGISTERED with the Fee.Likewise, opposite to mentioned false representations, MINING CITY, PROPHETEK MIN ING CITY, OPC or any variation of such title utilizing the basis phrase MINING CITY or any entity linked with it, haven’t been issued a secondary license to solicit investments or supply securities to the general public for no matter function.
As such, MINING CITY, PROPHETEK MINING CITY, OPC or any entity associated to MINING CITY, are NOT AUTHORIZED to solicit, supply, settle for or take investments/placements from the general public nor to problem funding contracts and different types of securities.
In its most damning assertion but, the SEC goes on to make clear that it has no intention of allowing Mining Metropolis, which it defines as a Ponzi scheme, a registration license.
The providing and promoting of securities within the type of funding contracts with badges of a “Ponzi Scheme,” which is inherently fraudulent and unsustainable, is NOT a registrable safety . The Fee is not going to problem a Allow/License to Provide and Promote Securities to the Public to individuals or entities which can 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 earnings” to prior traders and is designed primarily to favor its prime recruiters and prior danger takers and is detrimental to subsequent members in case of shortage of recent traders.
The general public is once more suggested NOT TO INVEST or STOP INVESTING in any scheme provided by MINING CITY.
It appears Mining Metropolis has failed to offer the SEC with proof it makes use of exterior income to pay affiliate withdrawal requests. Actually they haven’t supplied me with any such proof within the emails they’ve despatched.
The SEC reiterates that promotion of Ponzi schemes like Mining Metropolis are ‘strictly prohibited by legislation and could also be penalized
by imprisonment and/or wonderful.’
Those that act as salesmen, brokers, sellers or brokers of such unauthorized entities just like the operators of the FB Web page MINING CITY PHILIPPINES, BITCOIN VAULT INTERNATIONAL and Bitcoin Vault Philippines in promoting or convincing folks to spend money on their funding scheme provided together with solicitations and recruitment by way of the web could likewise be criminally prosecuted and penalized with a most wonderful of 5 Million pesos (P5,000,000.00) or a penalty of Twenty-one (21) years of imprisonment or each.
The Philippine SEC requests anybody conscious of people selling Mining Metropolis within the Philippines to report them.
Contact particulars are supplied in disclaimer-advisory, which was uploaded to the SEC’s web site on October thirtieth.