THE Securities and Exchange Commission (SEC) is warning the investing public against unauthorized Reposco Trading Ltd., which is said to be run by Benjamin Mari Limjap.
Reposco Trading was flagged for its Ponzi-like scheme, where investments of new investors are used to pay off prior investors.
“The offering and selling of securities in the form of investment contracts using the ‘Ponzi Scheme,’ which is fraudulent and unsustainable, is not a registrable security,” the SEC said in its advisory.
Reposco Trading also goes by Reposco and Reposco.IO. It apparently uses blockchain technology for its investment plans.
Investors are promised weekly dividends through investments in sports arbitrage, foreign exchange, and oil options. Mr. Limjap has lured investors by guaranteeing returns of 20% within a 90-day maturity period.
“All investments will allegedly be tagged as Reposco dividends and profits earned will be used to…