Inquirer
SEC flags Adscent International scheme
The Securities and Exchange Commission (SEC) has issued a warning to the public regarding Adscent International, an entity promoting investment schemes with exceptionally high promised returns over short durations.
Adscent International, operating through Facebook and agents, solicits funds by offering returns of 120%, 350%, and 300% within seven, twenty, and fifteen days, respectively, contingent upon the completion of specific tasks.
The scheme also incentivizes recruitment with a 10% bonus for referring new investors.
According to the SEC, these arrangements are considered investment contracts, which are legally classified as securities requiring prior registration and authorization from the commission.
The regulator emphasized that Adscent International lacks the necessary license to solicit investments.
Furthermore, the company's CEO is not registered with the SEC as an associated person or any other required capacity for a financial intermediary.
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