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May 24, 2016 By iSensey

SEC ADVISORY AGAINTS Farm On / FarmOn Agricultural Production

SEC Issued an advisory versus the company FarmOn / FarmOn Agricultural Production. This advisory is dated May 17, 2016 and published on the SEC website.

Based on the SEC Advisory FarmOn company is associated with website http://farmon.ph.  This company is NOT AUTHORIZED by SEC to solicit funds from the public for investment purposes.  The public is advised further by the Securities and Exchange Commission to exercise self-restraint from investing their money into such high yield, high-risk investment scheme.

The published FarmOn SEC advisory reads:

This Advisory is prompted by inquiries and reports to the Commission regarding FarmOn / FarmOn Agricultural Production wherein investors, through its website (http://www.farmon.ph/), are invited to invest in an agricultural enterprise by “providing players/investors with virtual space where they may experience farming for real” and earn at least “50% in profit” from the sale of crops and/or livestock. An investor’s investment would correspond to specific crops and livestocks which real farmers would cultivate in actual farms.

Click to enlarged.

SEC Advisory FarmOn.ph Farming Investment Company

PLANNING TO JOIN or to INVEST in FarmOn?

If you know someone who have invested in FarmOn share this SEC Advisory to them.

Also, SEC says “should you have any information regarding the operation of the said entity, please call SEC Enforcement and Investor Protection Department at telephone number (02) 584 7652.

iSensey checked the website of FarmOn.ph and found this notification by the website admin regarding the SEC Advisory against his company, and to quote from FarmOn website:

“FarmOn.ph is not a corporation which is not needed to be registered to SEC. Instead it is a sole proprietorship which is registered to DTI. We have license and business permits to operate and legal papers and documents registered to DTI. FarmOn.ph has existing 45 hectares farm located in Isabela and Quirino Province, including the office, which we wanted all investors to visit.”

FarmOn versus SEC Advisory

It is true that sole proprietorship businesses do not need SEC registration and licenses, as DTI / Mayor’s Permit will suffice. BUT if a sole-proprietor business actively recruits or encourage “potential investors” to invest in his business, then SEC already has a say in this because this is the government institution that monitors, accredits legit investment products and financial institutions.

Based under Section 8.1 of the Securities Regulation Code – SEC registration and secondary license is needed to allow a business entity to solicit investment fund from the public.

FarmOn WEBSITE REGISTRANT RECORD

Since FarmOn has a website, iSensey checked the WHOIS data record of this website. The domain name “farmon.ph” is registered under Registrant name: Teodulo II Otoman

Whois Info for Farmon.ph website

Mr Teodulo II Otoman was interviewed by State of the Nation Address by Jessica Soho wherein he discussed what is virtual farming. Watch this:

It is not clear whether the person who registered this domain name, Mr. Teodulo II Otoman, is also the sole-owner of FarmOn Agricultural Production business. He could just be the web developer or hosting provider hired to register the domain name in behalf of a client or he could also be the owner itself. What do you think?

DTI BUSINESS NAME REGISTRATION

Since FarmOn.ph stated having DTI license, iSensey tried to checked in DTI website for trade name status. On the DTI website, we queried the business name “FarmOn Agricultural Production” and the business name registration system reverts back with this: “Business name “FARMON AGRICULTURAL PRODUCTION” is already reserved at national level.” 

DTI Business Name reservation for FarmOn Agricultural Production

Do you want to register a business name?  It is very easy to register a business name in DTI website. You can do it ALL ONLINE, check this written a guide on how to register a business name via online in DTI.

Again, on the SEC advisory it says “The public is advised further by the Securities and Exchange Commission to exercise self-restraint from investing their money into such high yield high-risk investment scheme.”

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Filed Under: SEC Tagged With: FarmOn Agricultural Production, FarmOn Investment, farmon.ph, High Yield High Risk Investment, SEC Advisory, Teodulo II Otoman, Virtual Farming

Reader Interactions

Comments

  1. Diane says

    June 21, 2016 at 8:37 pm

    That’s a bummer… I invested for the 11th cycle! 🙁 Should have listened to my friend na nagsabing ponzi scheme ang gngawa nila because of the “cycles”

    • rose says

      July 12, 2016 at 4:26 pm

      Well, I also started investing during the 1oth cycle, and have fortunately made ROI from lettuce and pechay, before I learned about this issue. I’m still waiting for some harvest, and also invested for 11th cycle. I guess I’m going to give it the benefit of the doubt, and make sure that I’m not putting all my eggs in one basket and I only make calculated risks.

      I think it’s unfair to call it ponzi scheme. The cycles refer to the entire cycle of planting to harvesting, which I think is normal with any agricultural business. If my ROI is meant to come from later investors, how come I’m still waiting for my 10th cycle melon ROI when 11th cycle has already closed more than a month ago?

      Not that I’m 100% confident about Farmon considering this issue, but I hope your friend is an experienced investor and not just another doubting Thomas.:)

      • Marc Badar says

        February 7, 2017 at 10:16 am

        I agree with rose, well if you are in doubt naman, just diversify na lang your investments or just put small portion on farmon then put other portion bonds, stocks, real estate, etc.

      • carol says

        June 9, 2017 at 11:06 am

        Hi, Ask ko lang kelan kaya mag oopen ang next cycle ng Farmon.ph? For 2017?

      • Maphoe says

        March 4, 2018 at 6:33 pm

        Actually yun yung point kung bakit my cycles sila. To prevent other investors during that “planting cycle” to join, para rin ma-avoid yung sobra-sobrang investment. Medyo high-risk yung system nila since dependent lahat sa yield ng harvest per cycle, ang daming factors involved, season, weather, climate, pestilence, etc. So kung risk averse ka pagdating sa mga investments siguro dapat minimal lang yung ilagay nyong investment. Hindi naman sya Ponzi scheme na manggagaling sa mga lower tiers ng pyramid yung kikitain ng mga nasa upper tiers. So I guess it is relatively safe.

      • Rafael F. Faundo says

        May 4, 2018 at 10:29 pm

        good day po.. how’s your farmon investment after more than a year?

    • Rafael F. Faundo says

      May 4, 2018 at 10:26 pm

      good day po.. ano po nangyari sa ininvest mo sa 11th cycle?

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