National News

SEC on Don Chiyuto

SEC on Don Chiyuto
Photo sourced from Don Chiyuto Facebook page

SEC on Don Chiyuto: “Problema mo, sagot ko,” is the promise of Patrocenio Calvez Chiyuto – referred to as Don Chiyuto or Mr. Solve. Supporters describe him as a ‘well-loved philanthropist from Roxas City who has tirelessly helped thousands of people, fulfilling his life-long mission to end discrimination. With 67,922 Facebook followers, the “Mr Solve Don Chiyuto” page shares extensive documentation of humanitarian activities and details in the life of the famous Mr Solve.

Double Your Money Roulette

One of the highlights in the “Chiyuto Creative Wealth Document Facilitation Services (CCWDFS)” headed by Don Chiyuto himself is the “Double Your Money Roulette” investment. Here, the Securities and Exchange Commission details the mechanics of the investment game.

“As posted online, Chiyuto Creative Wealth Document Facilitation Services is offering investments to the public by availing of their so-called Double-Your-Money “Roulette” game investment with a minimum amount worth Php1.00 up to a maximum of Php 1 million. Upon joining, a member will be asked to spin the roulette wheel which will randomly pick different payout days: Payout days include 1 day, 30 days, and 45 days,” – excerpt from an SEC Advisory published on the SEC website.

Moreover, the member will earn one hundred percent (100%), depending on the given result of the roulette. The company will then issue a promissory note in the name of the member-investor with the corresponding amount representing his payout and the date of maturity or when he is supposed to claim the same.

SEC Advisory: “Do not invest”

In an advisory dated August 18, 2020, the SEC revealed that the Chiyuto Creative Wealth Document Facilitation Services is not registered with the Commission either as a corporation or as a partnership and is not authorized to solicit investment.

“Hence, those who act as salesmen, brokers, dealers or agents or claim to act as such for Chiyuto  Creative  Wealth  Document  Facilitation  Services in selling or convincing people to invest in the investment scheme being offered by the said entity including solicitations and recruitment through the internet may be prosecuted and held criminally liable under  Section  28  of the  SRC  and penalized with a maximum fine of  Five Million pesos (P5,000,000.00) or penalty of twenty-one  (21) years of imprisonment or both pursuant to Section 73 of the SRC.” – excerpt from the same advisory.

Read the full SEC advisory here.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.