A fraud warning alert has been issued against the Dosage Gifting Scheme by the Philippines SEC.
They’ve also outed Lado Okhotnikov as the owner of this scam. The warning consisted of three pages and was issued on June 30th.
The regulator writes, The entity operating under the name FORSAGE, is headed by LADO OKHOTNIKOV, is engaged in investment-taking activities in the Philippines which is not authorized by the commission.
This is a securities fraud warning, owing to Forsage being identified as a Crowdfunding International Platform or a Smart Contract Crypto Earning Program based on the Ethereum blockchain technology.
As asserted by the SEC;
FORSAGE is NOT REGISTERED with the Commission and OPERATES WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY to solicit, accept or take investments/placements from the public nor to issue investment contracts and other forms of securities defined under Section 3 of the Securities Regulation Code (SRC).
Scheme used by FORSAGE clearly shows possibly a Ponzi Scheme. A scheme where money from new investors is used to pay fake profits to prior investors. It is designed to benefit the top recruiters, risk takers.
Therefore, it is advised that you should not invest or stop investing in any schemes offered by FORSAGE or other beings engaged in smart contracts, cryptocurrency and digital asset that are not registered with the Commission and BSP.
Locally the SEC singles out the Facebook groups Fosage Philippines Forsage Smart Contracts, as being run by “unscrupulous individuals”. On YouTube the SEC calls out Christopher Doroliat, Forsage PH and Think Wise Channel.
The SEC warns promotion of Ponzi schemes in the Philippines carries potential criminal prosecution, with the a maximum fine of Five Million pesos (P5,000,000.00) or a penalty of Twenty-one (21) years of imprisonment.