Politics

SEC warns public about Teck Mining

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THE Securities and Exchange Commission (SEC) warned the public not to invest in an entity called Teck Mining or in any investment offers on teckph.com

In an advisory, the SEC said Teck Mining and teckph.com are not connected to Canada-based Teck Resources Ltd. and Sun Life Management Co., Inc.

The SEC said that it received reports that officers or agents of Teck Mining have been enticing the public through social media posts to invest in the company through teckph.com.

The regulator also received reports that representatives of Teck Mining have been saying that it is related to Teck Resources. The entity’s representatives were also using Sun Life’s insurance certificate form to make it appear that investments in Teck Mining are insured.

“Teckph.com uses a modified website material of the legitimate mining company Teck Resources without due authority,” the regulator said.

Investors are instructed to download Teck Mining’s trading application from Google Play Store. They will then be contacted through messaging platforms to introduce the investment scheme.

Potential investors are asked to invest as low as P100 with a promised income of not less than a 2% interest rate daily.

“Thus, an investment of P5,000 has the potential to earn as much as 40% or equivalent to P2,000 within a 20-day cycle,” the SEC said.

The commission said that teckph.com or Teck Mining is not registered as a corporation or partnership and does not have the necessary license to solicit or take investments from the public as called for under the Securities Regulation Code.

“It appears that teckph.com or Teck Mining does not constitute a legitimate business that would generate a genuine income,” the regulator said.

The commission added that the contracts being offered by the entity are “non-existent” and the materials being used in its postings were lifted from the website of Teck Resources. — Justine Irish D. Tabile