Following the arrest of twenty ProCap Insurance coverage scammers final October, the Philippine SEC famous the Ponzi scheme was nonetheless being promoted within the Philippines.
Apparently the foregoing [arrests] didn’t deter ProCap from finishing up its unauthorized investment-taking actions because the EIPD confirmed one other proof that ProCap is constantly providing/promoting its unregistered securities.
ProCap had in actual fact invited the general public to affix its enterprise shows through Zoom platform on 23 January 2024 for this function.
This promoted the Enforcement and Buyers Safety Division (EIPD) to file an prompt movement requesting a stop and desist order.
The movement was granted on February eighth and pertains to:
- ProCap Worldwide Inc., a shell firm registered by Marilyn Presto Pedrigal and Jessica Fuentes Florendo within the Philippines;
- ProCap Insure, a shell firm registered in Seychelles; and
- ProCap InsureTech, a shell firm registered in Seychelles
Continued promotion of ProCap within the Philippines runs the danger of perpetrators being held in contempt. It’s assumed this can result in extra arrests.
In response to the arrests final October, ProCap rebranded from ProCap Insurance coverage to ProCap Worldwide.
ProCap additionally employed the regulation agency Aguirre & Gatdula to place out a “we’re not a rip-off” assertion the day after the October arrests.
Aguirre & Gatdula don’t seem to have an internet site. The claimed regulation agency operates on FaceBook by Yahoo and GMail e mail addresses.
The assertion put out by Aguirre & Gatdula denies the October arrests and claims, regardless of ProCap committing securities fraud, that the corporate “operates inside the bounds of the regulation”.
Aguirre & Gatdula additionally misrepresented ProCap was registered to supply securities within the Philippines.
In its effort to adjust to the Philippine legal guidelines and rules, ProCap engaged the providers of the Agency on 01 October 2023 for the mandatory authorized help to make sure that ProCap operates inside the bounds of the regulation.
With an current SEC registration and enterprise allow, ProCap’s workplace is open and operational as there is no such thing as a directive for its closure from any authorities workplace.
As confirmed by within the order granting the EIPD’s stop and desist movement;
ProCap has no license to promote/supply securities.
The EIPD offered in proof the Certifications issued by the Firm Registration and Monitoring Division (CRMD), Markets and Securities Regulation Division (MSRD), and the Company Governance and Finance Division (CGFD) of the Fee [SEC] which all licensed that they haven’t issued to ProCap a secondary license to function as a dealer/vendor of securities, and that ProCap just isn’t a registered issuer of securities pursuant to … the SRC, or of mutual funds, together with trade traded funds, membership certificates, and time shares.
ProCap seems to be a Ponzi scheme run out of Singapore by Chinese language nationals.
As of March 2024, SimilarWeb tracked ~5400 month-to-month visits to ProCap’s web site. Prime sources of site visitors embody the Philippines 64% (up 367% month on month), Turkey (13%), Switzerland (7%), Japan (7%) and France (5%).
Along with ongoing regulatory enforcement within the Philippines, Hong Kong issued a ProCap securities fraud warning on April eighth.