The commission said that Quick Options and its operator Prince Toh Reez (pseudonym), are not registered as a corporation or partnership neither it has a secondary license to solicit investment from the public.
Likewise, the government agency noted that investment product offered by Quick Options with unrealistic high returns is a characteristic if Ponzi Scheme.
Based on the information gathered by SEC, Quick Options appears to be the new name of ETHMarket LLC. Last June 4, 2020, the corporate regulator issued an advisory against ETHMarket LLC. SEC said Quick Options and ETHMarket LLC are operated by an individual or individuals hiding behind the pseudonym Prince Toh Reez.
An investigation by the commission revealed the scam company has been selling two packages, namely: Bearish Package and Bullish Package.
The SEC says;
Every entry in these packages are stated to have an expected income of two hundred percent (200%) at the end of the investment duration which is usually seven (7) days for a minimum amount of Ten Dollars ($10.00) deposit to a maximum of up to Four Hundred Dollars ($400.00) deposit and investors can also earn bonuses from direct referrals.
The SEC added that the scheme of Quick Options involves the offering and sale of securities, in the form of investment contracts, to the public. Thus, the said offer and sale must be registered with the commission and the concerned entity must have secondary licence to sell such investment.
Penalty if You Promote Quick Options Scam
If you promote this scam, you may be criminally prosecuted and penalized with a maximum fine of Php5 Million or penalty of 21 years imprisonment or both.
What to Do
If you are victim of this scam company, report immediately to the SEC, NBI or PNP.
If you were introduced by someone to this scheme, please use your money for something else.