Solmax Global securities fraud warning issued in Philippines
The Philippines SEC has issued Solmax Global and its Igniter 100 Ponzi scheme with a securities fraud warning.
As per the SEC’s 9th February notice;
Bereft of any actual retailable products or services, it is apparent that the scheme of SOLMAX GLOBAL LIMITED and IGNITER 100 involves the offering and selling of securities, in the form of investment contracts, to the public because its investors need not exert any effort other than to invest or place monies in the said company in order to earn income.
SOLMAX GLOBAL LIMITED and IGNITER 100 are NOT REGISTERED with the Commission and are NOT AUTHORIZED to solicit, accept or take investments/placements from the public.
This is the equivalent of a securities fraud warning in other jurisdictions.
Individual Solmax Global scammers identified by the SEC include COO Florian Krueger (right), Serge Meulenbelt, Abdul Rehman Sandhu (CFO), Steven Lubka, Thelma Dhlovu, Aarron Bates and Asim Mirza (VP of Sales).
Solmax Global promoters specifically targeting the Philippines include Anna Lisa, Diane Swali, Roberto Dulin, Aizel Alana, Ehmerson Ilagan, Jennifer Plata, Meri Reyes, Elphed Reyes, Stephen Carreon, Renmar Sombilon, Jemar Tarsita, Melchor Parojinog, Reynald Atillo, Fatima Atillo, Marilou van Meeteren, Michelle Canay, Robinson Diaz, Ferzael Ebueng, Susan Borja Ramos and Jimbert Aton.
None of (Solmax Global’s) operators, agents, partners and/or members have appropriate registration and/or license to sell such securities to the public as well.
Those who act as salesmen, brokers, dealers or agents of unauthorized entities in selling or convincing people to invest in their investment scheme … may likewise be criminally prosecuted and penalized with a maximum fine of Five Million pesos (P5,000,000.00) or a penalty of Twenty-one (21) years of imprisonment or both.
The SEC’s investigation into Solmax Global concluded it was a Ponzi scheme.
The public is warned of such possible “Ponzi Scheme” offering “too good to be true” investments opportunities where returns to early investors are likely to be paid out from the investments of new investors and not out of the companies’ profits.
It must be emphasized that the offering and sale of securities in the form of investment contracts using the “Ponzi Scheme” is fraudulent and unsustainable and is NOT a registrable security.
The public is advised NOT TO INVEST or STOP INVESTING in any scheme offered by SOLMAX GLOBAL LIMITED and IGNITER 100.
BehindMLM reviewed Solmax Global in late 2018.
In line with the Philippines SEC’s findings, our own research concluded Solmax Global was a Ponzi scheme.
Alexa traffic analysis reveals Solmax Global collapsed sometime between late 2019 and early 2020.
The scam was resurrected in mid 2020, and is currently being promoted in Nigeria, Pakistan and Singapore.
Officially Solmax Global operates through shell companies set up in the UK.
Based on our research, we believe Solmax Global is being run by scammers in or with ties to Pakistan.