2020
ENFORCEMENT AND INVESTOR PROTECTION DEPARTMENT
SEC ADVISORY
The Commission has received information that individuals or group of persons representing NARCFUNDS/NARCSFUND, are allegedly enticing the public to invest/donate in the said entity online or through the internet.
As posted in its website, NARCFUNDS/NARCSFUND is allegedly being headed by Kwon, Jin-ho, a Korean national who is currently travelling across the globe in order to further the cause. Said CEO is presently and actively working in four (4) countries, namely; UK, Singapore, Korea and Philippines.
Meanwhile, a Facebook (FB) Group of NARCFUNDS/NARCSFUND, known as Team PH Leaders, is actively being operated by its administrators and/or moderators.
The FB posts of its members present the compensation plans of NARCFUNDS/NARCSFUND as follows:
Further, a video was posted on the said FB Group explaining the marketing scheme of NARCFUNDS/NARCSFUND, to wit:
• To be a member, a person should donate money in the amount of Four Thousand Pesos (Php4,000.00).
• One Thousand Pesos (Php1,000.00) of the donated amount will go to the company, and the remaining Three Thousand Pesos (Php3,000.00) will go to the...