SEC Warning to the Public Against 1LEGACY

The public is hereby warned concerning the investment taking activities of 1LEGACY.

The Securities and Exchange Commission has received reports that the operators of SECRET2SUCCESS (S2S) are now using 1LEGACY to continue their illegal investment-taking activities.

Per verification, 1LEGACY is inviting people to invest under a similar scheme used by S2S and for which the latter was issued an ADVISORY by this Commission. 1Legacy is NEITHER registered as a corporation NOR as a partnership. Thus, being NOT registered with this Commission as a corporation nor as a partnership, it is with more reason that they are NOT allowed to offer, solicit, sell, or distribute any investment/securities from the public as the same requires a secondary license for such activity.

As we always keep on reminding the public, such investment schemes whether with the use of bitcoins or money are considered as securities subject to the regulatory authority of this Commission. The recruitment of investor members under the guise of sponsoring a person into the system is likewise considered a form of investment solicitation or a sale of securities. The offering or sale of securities to the public without a permit or license from the Commission is a violation of Section 8.1 of the Securities Regulation Code (SRC).

We REITERATE that, those who act as salesman, brokers, dealers or agents of 1LEGACY in selling or convincing people to invest in the investment scheme being offered by 1LEGACY including solicitations or recruitment through the internet may likewise be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code and penalized with a maximum fine of Five Million pesos (P5,000,000.00) or penalty of Twenty One (21) years imprisonment or both pursuant to Section 73 of the SRC.

Accordingly, those who invite or recruit other people to join or invest in this venture or offer contracts or securities to the public may be held liable or accordingly sanctioned or penalized in accordance with the Supreme Court decision in the case of SEC vs. Oudine Santos (G.R. No. 195542, March 19, 2014).

In view thereof, the public is hereby advised to exercise caution before investing in these kinds of activities and to take the necessary precaution in dealing with 1LEGACY or its representatives.

Should you have any information regarding the operation of the subject entity, please call the Enforcement and Investor Protection Department at telephone numbers 818-6047.

For guidance of the public..


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