Securities Exchange Commission (SEC) to public: One Lightning Corporation fall within the parameters of fraudulent transactions.
An SEC advisory was released stating that “One Lightning Corporation” has not been issued by this Commission a secondary license to publicly offer or sell securities and to solicit investments from the public. SEC added that people joining the activities of One Lightning Corporation“run the risk of being prosecuted for criminal violation of the Securities Regulation Code.”
Atty. Gerard Lukban, commission secretary of the SEC commented “You might say that this is a pyramiding company… First of all, it’s not sufficient that you’re a registered company here in the Philippines. Because you’re selling investment contracts to the public, we would need to see your registration statement and a prospectus of what you’re offering. This is to protect the potential investors..Second, they do not have a licensed salesman to sell these investment contracts. So they already have two violations, so the investment scheme that they are offering, our investigators also noticed, are kind of questionable”” .
One Lightning Corporation a modus?
The alleged modus operandi of the said company is by inviting people to invest in its cosmetics and healthcare products promising huge returns on investments through what it claims as a revolutionary compensation plan for distributors under a 70 percent profit-sharing scheme in favor of investors. As per SEC investigation, the said company undertakes to give referral awards for sponsoring new investors and maturity awards when those investors in turn are able to recruit new investors or when their accounts mature. SEC also noted that, for every three referrals made, members are given bonuses.
A victim of the investment scam who floated but opted not to be named attested to this modus. The victim’s spouse joined in January after being lured by recruiters with expensive cars to invest up to P380,000 at the start. The victim’s initial investment reached P500,000 effortlessly despite no products was sold but simply recruitment of other potential investors . Because of the recruiter’s false promises, the victim’s initial investment soared to P1.1M as reflected in their online account with One Lightning Corporation . Little did they know that this large amount will no longer be withdrawable.After media releases the scam issue, the couple could no longer access their online account nor contact the officials of One Lightning Corp. At the time of the report, the victim was just recovering from the investment loss from engaging in the fraudulent company.
In response, One Lightning Corporation in its FB account indicated that the company is taking legal steps in handling the issue by stating that “Our competent legal team is already looking into this matter as we are confident that such unfair and untruthful allegations will be rectified and corrected in proper channels.” In fact the company’s management has released an announcement also via their FB account that all transactions starting today, March 13 are postponed and will resume March 14.
One Lightning Corporation started its operation last August 22, 2014, and has an office located in 10/F Strata 100 Building, Emerald Avenue, Ortigas Center, Pasig.