MetaMax securities fraud warning from Philippines
MetaMax has received a securities fraud warning from the Philippines.
As per the Philippine SEC’s June 25th warning, MetaMax
is enticing the public, through social media platform or through their own independent websites to invest in said entity.
The public is being made aware that 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 in the
scheme of METAMAX.As such, the Securities Regulation Code (SRC) requires that said offer and sale of securities must be duly registered with the Commission and that the concerned entity and/or its agents should have the appropriate registration and/or license to sell such
securities to the public.The records of the Commission show that METAMAX ASIAN INC. is registered with the Commission. On the other hand, METAMAX is NOT REGISTERED with the Commission as a Corporation or a Partnership.
However, METAMAX ASIAN INC. and METAMAX are NOT AUTHORIZED to solicit investments from the public since it has
not secured prior registration and/or license from the Commission as prescribed under Section 8 and 28 of the Securities Regulation Code (SRC).
Failure to register securities means MetaMax is offering unregistered securities in the Philippines. Offering unregistered securities in country’s with regulated financial markets constitutes securities fraud.
Pursuant to MetaMax committing securities fraud, the Philippine SEC states MetaMax has the characteristics of a “Ponzi Scheme”.
This aligns with BehindMLM’s May 28th published MetaMax review. Based on MetaMax’s business model, we concluded it was a task-based MLM crypto Ponzi.
The Philippine SEC warns promoters of MetaMax in the Philippines face fines of up to 5 million PHP (~$85,297 USD) and/or twenty-one years in prison.
The SEC’s MetaMax fraud warning is significant. As of May 2024, SimilarWeb tracked top sources of traffic to MetaMax’s .VIP domain as the Philippines (29%), Canada (28%), Afghanistan (11%) and the US (6%).
MetaMax is believed to be run by anonymous scammers with ties to Brazil. Since BehindMLM published its review, MetaMax has already abandoned one of its website domains (“metamax.top”).
MetaMax’s remaining website domain (“metamax.vip”), remains online at time of publication.
Update 3rd July 2024 – MetaMax has collapsed.
This is a no 1 scamers I lost 480Usdt don’t believe metamax.
metamax.top is not abandoned yet.
Domain isn’t loading here, it’s been disabled at the DNS level. So yeah, it has been abandoned.
DNS Record not found. That’s a nope.
may god give the same pain to them the way they give other we spend our life time earning and borrow money how could they even sleep morons.
why it close the metamax in the Philippines and to much have scam of them ,how can we get again our invest from it.
why they should to like this, they should return back our money.
the metmax it will come back again the system or no?
Not a great experience.
Is there any way that we recover what we have lost?
Ah, I see MetaMax’s .VIP domain was also pulled within 24 hours of this article going live.
I’ll be starting late today but MetaMax’s collapse is on the list.
General reminder to MetaMax victims:
You invested into an obvious Ponzi scheme you clearly did no due-diligence into. Your money is gone. Nobody here can get your money back so don’t bother asking.
Anyone promising you recovery is a recovery scammer and trying to double-scam you. There are no exceptions to these rules.
Sorry for your loss.
There is another global premiere attached again in the Philippines. Another scam. Same platform as MetaMax. If you want to be scammed again, join them. Peace.
Global Premiers? BehindMLM has already covered that.
https://behindmlm.com/mlm-reviews/global-premiers-review-dubai-adcredit-pyramid-scheme/
Note that when these task scams take off in a country they always pump out reboot scams to entice late-to-join victims.
Just got back. Having a short nap then I’ll get stuck into the news.
edit: Apparently the MetaMax reboot scam is Meta Quest-Plus. Copy and paste website template with the same AI avatar videos.
Punish the scammer and make them.
Punish who? Who did you give your money to?
Go on, I’ll wait…
Philippines social media is on fire with this one rugpulling.