Investor alert: SEC warns public against PAIDTUNES
Business

Investor alert: SEC warns public against PAIDTUNES

The Securities and Exchange Commission has warned the public not to do business with PAIDTUNES, which has been found selling investment contracts to the public without prior authority.

PAIDTUNES is a mobile application that can be downloaded from Google Play Store. Initially, subscribers need to register through the app or through the website, choose their desired package then they can start earning by watching videos and listening to music while rating them.

Based on SEC’s investigation, PAIDTUNES offers six subscription packages: Access worth P1,620, Access Lite (P4.050), Access Plus (P9,000), Access Pro (P22,500), Premium (P45,000) and Premium Plus (P67,500).

PAIDTUNES promises to pay subscribers from $0.5 up to $1 depending on the package availed of by watching videos for at least five seconds while rating them,

Subscribers may withdraw their earnings through the following withdrawal gateways Payeer, Perfect Money, Coinpayments and Coinbase.

Apart from this, subscribers can also earn $0.5 up to $7.50 daily per referral. They can only withdraw their earnings if they earn $20 in their account.

According to the SEC, PAIDTUNES’ scheme partakes of the nature of sale of securities in the form of investment contracts using the Ponzi scheme, which is “fraudulent and unsustainable.”

Under the Securities Regulation Code, the offer and sale of securities must be duly registered with the SEC.

“The public is advised NOT TO INVEST or STOP INVESTING in any investment scheme being offered by PAIDTUNES.

SEC said salesmen, brokers, dealers or agents of PAIDTUNES may be held criminally liable and face a maximum fine of P5 million or imprisonment of 21 years or both.

 

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