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Abstract:The Philippines SEC warns the public against Eliny App (or Eliny-PH.com/Eliny Trading) for unlawfully soliciting investments and falsely associating with Morgan Stanley. Promising high daily profits, this unregistered entity's scheme resembles a Ponzi, putting investors at risk. The SEC advises caution and due diligence before investing, as promoters may face significant penalties or imprisonment.
The Philippines Securities and Exchange Commission (SEC) cautions the public about the ongoing activities of Eliny App, also known as Eliny-PH.com or Eliny Trading. Reports confirm that this entity has been unlawfully soliciting investments from the public, misrepresenting its affiliation with the esteemed global financial services firm, Morgan Stanley.
Based on information and complaints, various individuals or groups, including Mr. Shades TV (YouTube Channel), are enticing the public via social media platforms to invest in this counterfeit Morgan Stanley initiative. The Eliny App purports to offer real-time investment opportunities anchored on the port container shipping index, claiming it's a strategy backed by both Morgan Stanley and the “Philippine Financial Department” to rejuvenate the national economy.
The Eliny App allegedly provides an investment opportunity with an enticing entry amount of Php500.00 to Php1,500.00.
Promises include 50% daily profit, 10% from direct referrals, and a daily income ranging from Php350.00 to Php6,500.00.
However, the SEC wants to emphasize that any “investment contract”, such as the one proposed by Eliny App, where money is pooled with the expectation of profits from others' efforts, is considered a security. As per the Securities Regulation Code (SRC), any entity offering such securities must be registered with the SEC and possess the appropriate licensing.
The Eliny App is not officially registered as a corporation or partnership with the SEC.
It operates without the necessary authority or license to solicit or accept investments from the public.
The certificate of incorporation presented by the Eliny App is determined to be fraudulent.
Additionally, the public is cautioned that the misuse of titles such as “Philippine Financial Department” and “Ministry of Finance” in the entity's promotional materials suggests unfamiliarity with the Philippines' legitimate government agencies. This hints at potential foreign orchestrators behind this scheme.
Of greater concern is that the Eliny App's strategy resembles a “Ponzi Scheme”. This means funds from new investors might be used to pay off earlier investors. Such schemes are unsustainable, favoring initial investors at the expense of later ones.
Given these findings, the public is strongly urged not to invest or to discontinue any investments in schemes offered by the Eliny App and its affiliates. This includes entities or individuals like Mr. Shades TV, who promote this unauthorized investment opportunity. The SEC will not grant a License to Sell Securities to any entity employing such schemes.
The commission warns that promoters, recruiters, and endorsers of the Eliny App may face criminal charges under the Financial Products and Services Consumer Protection Act (FCPA) and the SRC. Penalties can reach up to Five Million Pesos (Php5,000,000.00) or imprisonment for up to Twenty-One (21) years.
The SEC remains committed to safeguarding the public from fraudulent investment schemes and urges everyone to exercise due diligence before making any financial decisions.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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