REPA Paluwagan ‘illegal, injurious,’ SEC confirms » Scammer News

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The Securities and Exchange Commission (SEC) on Tuesday confirmed that REPA or REPA Paluwagan, which has lured unwitting investors including Boholanos trying to survive the economic impact of the pandemic, is an unregistered entity that is not authorized to solicit investments.

In an advisory, the SEC “strongly” advised the public to avoid or stop investing with REPA whose activities were deemed illegal due to its administrators’ selling of investment contracts using the Ponzi scheme, which is not a “registrable” security.

“An investment contract exists when there is an investment or placement of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others which is prominent on REPA/REPA PALUWAGAN’S scheme,” the SEC said.

“Therefore, REPA/REPA PALUWAGAN’s lack of juridical personality and registration pertaining to its securities with the…

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