Lawyer Vitaliano Aguirre says Procap International Inc., the marketing arm of Procap Insurtech Ltd., is not engaged in a Ponzi scheme, while SEC insists the company is engaged in 'illegal investment solicitation activities'
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The joint operation was led by the Philippine National Police Criminal Investigation and Detection Group – National Capital Region, Securities and Exchange Commission , and the Presidential Anti-Organized Crime Commission . However, PAOCC director Jay Ison said Procap doesn’t have a secondary license to sell securities. Although all 20 individuals that were arrested on the night of the raid have been released, regular filing of the charges will follow, he added.Admitted naman ni Atty. Aguirre they are the marketing arm. Ano iminamarket nila? Wala sila secondary license to sell securities
“Its gaming packages allow its players to play on online gaming platforms operating abroad. Using Procap’s ‘7 Quantum Formula,’ the player’s probability of winning is 99.21875% or .78125% chance of losing. They earn mainly from their winnings,” the law firm said.