Mining City has received a securities fraud warning from the Philippines SEC.
The Philippines SEC has identified Mining City as a “security in the form of (an) investment contract”.
According to the regulator, Mining City
is NOT REGISTERED with the Commission and OPERATES WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY to solicit, accept or take investments/placements from the public nor to issue investment contracts and other forms of securities.
As it is practically everywhere else in the world, offering unregistered securities is illegal in the Philippines.
The Philippines September 10th warning applies to
- Mining City;
- Mining City CEO Gregory Rogowski;
- Mining City Philippine Team Leader Anthony Aguilar (right); and
- Mining City Philippines Facebook page admin Jhon Rey Grey.
In light of Mining City and its promoters committing securities fraud, the Philippines SEC has advised the public
not to invest or stop investing in any scheme offered by Mining City.
Pending top Mining City management and/or top investors cashing out, Mining City is following in the footsteps of BitConnect.
The Philippines SEC agrees, noting
Mining City clearly shows indication of possible Ponzi scheme, where monies from new investors re used in paying “fake profits” to prior investors and is designed mainly to favor its top recruiters.
Seeing as Mining City is operated by Gregory Rogowski and Eyal Avramovich, the Philippines SEC is focusing on local promoters.
Continued promotion of Mining City within the Philippines can be penalized with a maximum P5 million fine ($103,227), or a twenty-one year prison sentence.
The SEC also warns anyone caught will also be reported to Philippine tax authorities.