Mining City Securities Fraud Warning Issued in Philippines
A cryptocurrency investment scheme is now facing criminal charges in the Philippines after regulators determined it was operating an illegal securities operation.
The Philippines Securities and Exchange Commission issued a warning on September 10th against Mining City, naming CEO Gregory Rogowski, Philippine team leader Anthony Aguilar, and Facebook page administrator Jhon Rey Grey as promoters of unregistered securities.
Mining City operates without proper licensing or authority to solicit investments from the public, according to the SEC. The company has never registered with Philippine regulators. Under Philippine law, offering unregistered securities is illegal.
The SEC's investigation found that Mining City functions as a Ponzi scheme. Money from new investors gets funneled to earlier participants as fake profits, the regulator determined, while the structure deliberately enriches top recruiters. The scheme bears striking similarities to BitConnect, another cryptocurrency investment platform that collapsed after being exposed as a Ponzi operation.
Mining City began as a mining-focused investment platform when BehindMLM first reviewed it in July 2019. It has since evolved into what the SEC describes as a "Ponzi points scheme" after integrating BTCV, a cryptocurrency token. The company remains controlled by Gregory Rogowski and Eyal Avramovich at the management level.
Because Mining City operates at the local level through Filipino promoters, the SEC is targeting individuals actively recruiting investors within the country. Anyone caught promoting Mining City faces steep penalties: a maximum fine of 5 million Philippine pesos ($103,227) or up to twenty-one years in prison. The SEC has also warned it will report violators to Philippine tax authorities.
The regulator is urging all Filipinos currently invested in Mining City to stop and withdraw their money immediately. The public warning serves as an explicit notice that the scheme is illegal and poses a financial risk to participants.
🤖 Quick Answer
What regulatory action did the Philippines Securities and Exchange Commission take against Mining City?The Philippines SEC issued a formal warning on September 10th against Mining City for operating unregistered securities. The commission identified CEO Gregory Rogowski, Philippine team leader Anthony Aguilar, and Facebook administrator Jhon Rey Grey as promoters engaging in illegal investment solicitation without proper licensing or regulatory authority.
Why was Mining City determined to be operating illegally in the Philippines?
Mining City operated without registration with Philippine regulators and lacked proper licensing or authority to solicit public investments. Under Philippine law, offering unregistered securities constitutes a criminal offense, which formed the basis for the SEC's enforcement action and criminal charges.
Who were identified as key promoters in the Mining City securities fraud case?
Three individuals were named as promoters: Gregory Rogowski serving as CEO, Anthony Aguilar functioning as Philippine team leader, and Jh
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