The Securities and Exchange Commission has issued an ADVISORY against PLUGGLE, Inc. This advisory was published yesterday, October 11, 2017 in the official SEC website.
If you are a member of Pluggle and recruiting friends and family to join this business network, read this advisory.
Pluggle is registered with SEC but is NOT AUTHORIZED to solicit investments from any one.
Per SEC: Aside from the proponents of this ‘online earning opportunity’, all those who recruit members may also be held liable under relevant investing law in the country.
On the SEC Advisory, PLUGGLE Inc is said to be enticing the public to sign up to its website by purchasing an “activation code” for P1,000. This business is supposed to offer members multiple ways to earn.
First, Sign up bonus of P100 upon registration in their website. Second, Another P100 will be awarded if the member logins to his/her Pluggle account. Third, Group login bonus from P60 to P100. Fourth, Follow bonus for successful sponsorship of other individuals into the program. Fifth, Leveling bonus. Sixth, Pairing bonus.
Part of the Advisory as published in the official website of SEC states:
In its Facebook Account PLUGGLE promises a return of 30% – 100% in 12 days with the above-mentioned system.
The public is hereby informed that PLUGGLE, INC., despite having been registered with the Commission as a corporation, is not authorized to solicit investments from the public as it has not secured the necessary license or permit from the Commission as required under Sections 8 and 12 of the Securities Regulation Code (SRC).
Consequently, those who act as salesman, brokers, dealers or agents of PLUGGLE, INC., in selling or convincing people to invest in the investment scheme being offered by PLUGGLE, INC. 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).
Read the full advisory on SEC website versus Pluggle.
Update as of October 25, 2017: Pluggle has this announcement on their website:
The alleged new name of Pluggle is now supposed to be Giggle with website: Giggle.com.ph. If this Giggle follow the same platform and strategies in recruiting members with similar offers of too good to be true earnings / rewards as to that of Pluggle, chances are SEC will also published an advisory against it in the future.
For iSensey readers, widen your investment knowledge and scam spotting by also visiting this post which shares information on the SEC CHECKLIST on identifying a potential investment scam. You will read there that one of the early signs of a potential investment scam is a very high promised return on investment or ROI that is too good to be true, as well as a company which does not offer actual product or service and only earns via the ‘payment’ made by members themselves in a typical Ponzi scheme set-up.