By Tracy Cabrera
BGC, Taguig City — The Securities and Exchange Commission (SEC) has issued separate advisories warning the public against unauthorized online lending platforms Bridge Cash and JCPRIME Non-Specialized Wholesale Trading, both of which have been illegally using the identity of a legitimate financing company.
In its announcement, the SEC revealed that Bridge Cash, accessible through its website, was operating as an unregistered investment scheme promising high monthly returns while falsely claiming affiliation with First Digital Finance Corp. (FDFC). The commission clarified that Bridge Cash is neither owned, operated, authorized, nor endorsed by FDFC, which has denied any connection to the platform.
“Bridge Cash falsely used the company’s corporate name, SEC registration details, and business address to create the appearance of legitimacy and regulatory approval,” the SEC emphasized.
Meanwhile, JCPRIME was found to be unregistered with the SEC and lacking the secondary license required to sell securities or investment contracts under the Securities Regulation Code. The commission noted that JCPRIME’s scheme bore the hallmarks of a Ponzi operation, using funds from new investors to pay supposed returns to earlier participants.
Allegedly run by Jomar Burgos Robale and Carla Marice Robale, JCPRIME enticed investors with promises of seven percent monthly returns. Such fraudulent schemes are prohibited under Republic Act 11765, or the Financial Products and Services Consumer Protection Act.
The SEC reiterated that only financing and lending companies properly registered and operating through authorized online platforms may legally conduct lending activities. It warned the public against sharing personal or financial information, identification documents, banking credentials, or payments with fraudulent platforms.
Individuals acting as promoters, recruiters, agents, influencers, or endorsers of these schemes may also face criminal liability, with penalties of up to ₱5 million in fines or imprisonment of up to 21 years.
The commission urged the public to verify registered financing and lending companies through the SEC website and its Check App before engaging in financial transactions. Complaints and reports of illegal solicitations or harassment may also be submitted via the SEC’s iMessage portal at sec.gov.ph.
ia/xf
