SEC Issues Warning Against Success 200
Filipinos are not learning their lessons. Several days have passed since One Dream Global in Batangas, stopped its operation leaving thousands of people shocked, another MLM scam is detected by SEC.
Finance expert Randel Tiongson blogged about Success 200.
What is Success200? The company is essentially a scheme that asks investors to put in anywhere from P1,800 (low-end) to P36,000 (high-end), with a promised return of P10,000 to P200,000 upon payout exit, respectively. That’s a “guaranteed” ROI of 455.56%, which is unrealistically high and should already set off the warning bells in your head.
On their website, Success200 state that they are a “iuly [note: the typo is theirs, not mine – I assume they meant “duly”] registered domestic corporation with the Securities and Exchange Commission with SEC Registration No. CS201509200 issued May 12, 2015.” But just because a company is registered with the SEC, it doesn’t automatically mean they are authorized to take investments from customers. The SEC itself says in the advisory that the company has not obtained permission to solicit investments, as required under Section 8.1 of the Securities Regulation Code.
Success 200 is just one of the MLM scams that I know since 2002.
Like the collapsed NBO Global and One Dream Global, Success 200 has its own demise in the very near future.
If you value your dream and money, don’t waste your time and energy investing into MLM and HYIP scams like Success 2000.
People who are hard core defenders always argue that online schemes do not need any permits because they don’t have physical office. So, by this information, who are we going to go after if the program collapses?
The warning from SEC is official and final. Other programs with pending warning from SEC are Emgoldex (aka Global Intergold), Goldxtreme, J79 Galore, and One Lightning Corp. People are advised to stay away from these programs.
/Sarah Gomez/
