SEC issues advisory against Axie program Pogi Breeds

The Securities and Exchange Commission (SEC) has announced a public warning against a co-partnership program offered by POGI BREEDS.

According to the advisory issued by SEC, POGI BREEDS, headed by GINO MENDOZA a.k.a NIGO TEKASHII, has been soliciting investments from the public. However, it is neither registered nor authorized by the Commission as prescribed under Section 8 of the Securities Regulation Code.

The report states that POGI BREEDS is a group of people claiming to use its client’s money to buy, breed, and play Axies. For more context, the co-partnership program entices investors to pay an amount that ranges from PHP 5,000 to PHP 250,000 with promised earnings ranging from PHP 100 to PHP 25,000 daily; or 2% daily or 10% or weekly earnings for 45 days, or a total contract earning ranging from PHP 4,500 up to PHP 225,000 or 90% per contract in 45 days.

In its “pay-ins” and “pay-outs,” POGI BREEDS uses the following GCash and Union Bank of the Philippines accounts.

SEC warns that those who invite or recruit other people to join or invest in this venture or offer investment contracts or securities to the public may be held criminally liable under Section 28 of the SRC penalized with a maximum fine of PHP 5,000,000 or imprisonment of 21 years or both under Section 73 of the SRC (SEC vs. Oudine Santos, G.R. No. 195542, 19 March 2014).

In dealing with these unregistered entities, the Commission reiterates its Advisory entitled: “Dealing with Non-Registered Foreign Entities Organizations and Corporations”. In view thereof, the public is further advised not to invest or to stop investing in any investment scheme being offered by the aforesaid entities/individuals.

Should you have any information regarding the operation of the subject, you may call the Enforcement and Investor Protection Department at 8818-6047 or have the report sent at [email protected]

Source: SEC