Hero Mining received a warning about a lack of registration
The Securities and Exchange Commission (SEC) of the Philippines issued a public notice to Hero Mining International Group. The document noted that the company is publicly offering unregistered securities.
According to Hero Mining's statements, residents of the Philippines can invest in mining equipment and make a profit. The amount of interest reaches 240% within three months with bets on the platform. And if other individuals are invited, it is possible to receive 60% of their profits.
The Securities and Exchange Commission notes that the company does not have the required license. The regulator also warns of fraudulent operations and a pyramid scheme Hero Mining.
Securities transactions that take the form of investment contracts and use a Ponzi scheme are considered fraudulent and unsustainable and cannot be registered,- the bulletin states.
The warning was also sent to brokers and agents of Hero Mining. The purpose of the notice is to stop people from getting involved in such schemes.