The talent agency of artists Moira Dela Torre and Ruffa Gutierrez advised the public that their talents are not connected with an entity called Elite Alliance Vera Trade (EAV Trade) after posts about the latter’s soft launch featuring them circulated online.
Cornerstone Entertainment on Monday said that the singer and television host “are not affiliated, associated, or in any way connected” with the entity or any of its events.
“The use of names and images of our artists by the said company is unauthorized, and we will take the necessary action against it to protect our artists’ interest,” the talent management company said in a statement.
The statement comes after reported Facebook posts of the entity’s “soft launching” on October 10 surfaced.
Aside from Moira and Ruffa, the posts also claimed that it would be featuring Alice Dixson, Tony Labrusca, Daniel Matsunaga, Shamcey Supsup, Papa Jack and musicians Ben&Ben and Parokya ni Edgar.
Celebrity manager Mac Merla from Cornerstone Entertainment shared the post on his Instagram Story and tagged it as “fake.”
Some of the artists mentioned have previously recorded videos greeting EAV Trade and its president, Eins Angelo Ruiz Valencia. These can be found in the YouTube account of the company.
Those who have recorded messages include Ruffa, Shamcey, Tony, Alice and Daniel.
Closer look at EAV Trade
Last August, it was reported that EAV Trade was flagged by the Securities and Exchange Commission (SEC) for “soliciting investments from the public without the required license from the regulator,” according to BusinessWorld.
The report said that the company also goes by the names Elite AllianceVera Computer Trading, Elite Alliance Vera Trade Ltd., Elite Aliance Vera Trade International, and EAV Trade.
It also noted that based on SEC’s records, the company was “registered as a one-person corporation under Company Registration No. 2021070020495-22″ on July 22 of this year.
The report further said that EAV Trade is not authorized to solicit investments from the public as it does not have the license as required under Republic Act 8799 or the Securities Regulation Code.
SEC was also quoted as saying that the company “shows indication of a possible ‘Ponzi Scheme” in which the investments of new investors are used to pay for the “fake profits” of those who initially invested in the program.
“The commission will not issue a permit to offer and sell securities to the public to persons or entities that are engaged in this business or scheme,” the regulator further said.
SEC also warned that those involved as salesman, brokers or agents in the scheme of EAV Trade may be prosecuted or held criminally liable under the law.
“Further, the names of all those involved will be reported to the Bureau of Internal Revenue so that the appropriate penalties and/or taxes be correspondingly assessed,” it added.
Last Friday, Valencia shared a video on his Facebook saying that his company has recently earned a secondary license from SEC.
“It’s from Securities and Exchange Commission. It says here our company name, and this was issued 31st day of August 2021 and this was signed yesterday,” he said.
“I’m so sorry for the delay and I hope you guys are happy. Always remember that I do my best to take care of all of you guys, and I hope you are having a good day and always remember to stay safe,” Valencia added.
A secondary license is “the registration which gives a corporation a license or authority to engage in regulated activities like being a securities broker, dealer, stock exchange, investment houses, financing companies and lending companies,” according to SEC.
A financial website said that a secondary license “is a special legal grant to corporations and partnerships to undertake in and engage in special and particularized business activities such as but not limited to brokerage or dealership of securities and public solicitation of investment funds.”
Entities involved in investments and such are required to have both primary and secondary licenses from SEC to indicate that it is a legal business entity engaging in legal operations, the website said.