Yesterday BehindMLM published an article exposing Mining City lying about being registered with the SEC.
Within hours of the article going live, “Media Mining City” sent us a response email.
As per the email, Mining City disputes confirmation from Oliver Leonardo, the Officer-in-Charge of the SEC’s Enforcement and Investor Protection Department, that Mining City is not registered with the SEC.
We must stress that the contents about Prophetek’s (Mining City) professional activity, which you have mentioned in your new article are untrue and misleading.
Mining City is pleased to announce the successful registration with Philippines Securities and Exchange Commission (SEC). It means that Mining City is operating with appropriate license in Philippines and the Philippines SEC warning is no longer effective.
We encourage you to update your article. Please note that we will be forced to sue you for infringing personal rights if our request is not fulfilled.
Kindly find attached, PROPHETEK MINING CITY Registration Application Form for the Securities and Exchange Commission in Philippines. All sensitive data in the document has been covered.
First and foremost there is nothing untrue or misleading about yesterday’s article. Mining City is not registered with the Philippine SEC, and that’s from the SEC themselves.
Mining City isn’t registered to offer securities in any other jurisdiction, so it has been and continues to commit securities fraud the world over.
Attached to Media Mining City’s email is an interim registration confirmation for “Prophetek MiningCity, OPC”.
Prophetek MiningCity, OPC is a shell company incorporated in the name of an undisclosed Philippine citizen.
As discussed yesterday in our article, creating a local shell company and registering it with the SEC is meaningless because:
- Mining City is the MLM opportunity with the attached BTCV investment opportunity;
- Mining City is therefore the company offering unregistered securities;
- nobody has invested in Prophetek MiningCity, OPC;
- nobody receives payments from Prophetek MiningCity, OPC;
- because of points 3. and 4., Prophetek MiningCity, OPC can’t provide audited financial statements backdated to at least mid last year, proving external revenue is being used to pay withdrawals.
Additionally, as you can see from the screenshot above, Mining City’s BTCV investment scheme is not mentioned on Prophetek MiningCity, OPC’s interim SEC registration document.
In summary, with respect to securities regulation of Mining City, the SEC registration of Prophetek MiningCity, OPC is meaningless.