{"id":170896,"date":"2018-07-13T23:34:21","date_gmt":"2018-07-14T03:34:21","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=170896"},"modified":"2018-07-13T23:34:21","modified_gmt":"2018-07-14T03:34:21","slug":"sec-warns-public-vs-investing-in-boss-network","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/07\/13\/sec-warns-public-vs-investing-in-boss-network\/","title":{"rendered":"SEC warns public vs. investing in BOSS Network"},"content":{"rendered":"<figure id=\"attachment_170897\" aria-describedby=\"caption-attachment-170897\" style=\"width: 510px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2018\/07\/invest.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-170897\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2018\/07\/invest.jpg\" alt=\"The SEC said such activities require a secondary license from the Commission, and the securities or investment product should also be registered with SEC before they can be offered or sold to the public under the Securities Regulation Code (SRC). (Pixabay photo)\" width=\"510\" height=\"340\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2018\/07\/invest.jpg 510w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2018\/07\/invest-300x200.jpg 300w\" sizes=\"auto, (max-width: 510px) 100vw, 510px\" \/><\/a><figcaption id=\"caption-attachment-170897\" class=\"wp-caption-text\">The SEC said such activities require a secondary license from the Commission, and the securities or investment product should also be registered with SEC before they can be offered or sold to the public under the Securities Regulation Code (SRC). (Pixabay photo)<\/figcaption><\/figure>\n<p>MANILA\u00a0&#8212; The Securities and Exchange Commission (SEC) on Thursday warned the public against placing their money in Building Our Success Stories (BOSS) Network Inc., an allegedly shady company offering investment contracts and promising profits.<\/p>\n<p>\u201cIt must be emphasized that the company is not authorized to offer, solicit, sell or distribute any investment\/securities,\u201d it said in an advisory.<\/p>\n<p>The SEC said such activities require a secondary license from the Commission, and the securities or investment product should also be registered with SEC before they can be offered or sold to the public under the Securities Regulation Code (SRC).<\/p>\n<p>Based on the information communicated to and gathered by the SEC, BOSS Network is enticing people to become members provided they buy perfume and soap business packages with expectations of profits.<\/p>\n<p>A member will supposedly earn from the sales of those he has recruited or his &#8220;downline,&#8221; or receive a bonus from invites of his direct referrals\u2019 recruits.<\/p>\n<p>The SEC said any offering that involves investment of money in common enterprise, with the expectation of profits primarily from the efforts of others, comprise investment contract.<\/p>\n<p>It explained that such a contract may constitute a form of investment scam if profits are not created by the success of the underlying business, but instead are derived from the contribution of others.<\/p>\n<p>\u201cWhile the scheme may involve sale of products, the same may still constitute an investment scam if the sale of the products is not the primary focus of the scheme. In such a case, the sale of the products is just being used in order to make investment scam appear to be legal,\u201d said the SEC.<\/p>\n<p>The SEC said the registration of BOSS Network with the Commission only confers juridical personality and authorizes the company \u201cto engage in direct selling of goods and merchandises to consumers.\u201d<\/p>\n<p>\u201cIn 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 Building Our Success Stories Network Inc. or its representatives,\u201d it added.<\/p>\n<p>It said perpetrators of such investment schemes may be prosecuted and held criminally liable.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA\u00a0&#8212; The Securities and Exchange Commission (SEC) on Thursday warned the public against placing their money in Building Our Success &hellip;<\/p>\n","protected":false},"author":33,"featured_media":170897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[53226,14983],"class_list":["post-170896","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-boss-network","tag-securities-and-exchange-commission","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/170896","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=170896"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/170896\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/170897"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=170896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=170896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=170896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}