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SEC: Don’t invest in BF Football Hedge Fund, not registered and authorized

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MANILA, PHILIPPINES The Securities and Exchange Commission (SEC) has issued an advisory on January 22 for “BF Football/BF Football Investment Platform/BF Football Hedge Fund Investment Platform”, warning the public of the individuals and groups involved in such activities. 

The advisory defines the activities behind the scheme, and advises the public to not to invest or stop investing in any investment scheme offered by the said entity, which has been found to be offering investment contracts without prior registration.

The schemes of BF FOOTBALL involve the offering and sale of securities in the form of investment contracts to the public as investors need not exert any effort other than to invest or place monies in BF FOOTBALL in order to generate income.

As per advisory of SEC, BF FOOTBALL is promoting a number of investment schemes that promise great returns. The platform is enticing the public to invest a minimum of Php500 to earn 2-3% interest rate daily profit one time investment or 60%-90% profit in 30 days.

“Simply, once registered with BF FOOTBALL and “topping-up” or “recharging”/depositing money to your account, BF FOOTBALL recommends through its mentors, that you place bets or “buy/order scores” of international football games in what it calls, ‘team guaranteed capital preservation plan” where a wrong bet nets you profits,” the SEC advised.

“From 18 betting options of 0-0 to 3-3, BF FOOTBALL’s 17/18 probability of placing bets on the wrong football game score and therefore, earning profits is a very high 96%, but representations reveal no loss or zero risk.”

BF FOOTBALL provides another way to earn rewards and a 10% commission by acting as its agent and inviting people. It also includes a gift bonus, a VIP Birthday Celebrant Bonus, an instant reward, and a BF Official Agent Promotion Bonus Rebate.

According to the Commission’s records, BF FOOTBALL / BF FOOTBALL INVESTMENT PLATFORM / BF FOOTBALL HEDGE FUND INVESTMENT PLATFORM is not registered as a corporation or partnership and is not authorized to solicit investments from the public because it did not obtain prior registration and/or a license to solicit investments from the Commission as required by Section 8.1 of the SRC.

“BF FOOTBALL is also not registered either as a crowdfunding intermediary or a funding portal under SEC Memorandum Circular No. 14, Series of 2019 or the Rules and Regulations Governing Crowdfunding,” SEC stated.

The Commission also warns all unscrupulous individuals and/or entities that violations of the Securities Regulation Code, the Revised Corporation Code of the Philippines, and any other rules and regulations enforced by the Commission will result in severe penalties.

“Therefore, those who act as salesmen, brokers, dealers or agents or claim to act as such on behalf of BF FOOTBALL in selling or convincing people to invest in the investment scheme being offered by said entities 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 (Php5,000,000.00) or penalty of Twenty-one (21) years of imprisonment or both pursuant to Section 73 of the SRC.”

“Further, those who invite or recruit others to join or invest in such venture or offer investment contracts or securities to the public may incur criminal liability, or otherwise be sanctioned or penalized accordingly as held by the Supreme Court in the case of Securities and Exchange Commission vs. Oudine Santos (G.R. No. 195542, 19 March 2014),” SEC said.

“In addition, the names of all those involved will be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed.”

Since 2017, BF FOOTBALL has boldly claimed to be the “world’s largest sports investment company.” The reverse betting platform, also known as the “football score prediction trading platform” or “wrong score prediction platform.”

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