Following the
arrest of twenty ProCap Insurance scammers
last October, the Philippine SEC noted the Ponzi scheme was still being promoted in the Philippines.

Apparently the foregoing [arrests] did not deter ProCap from carrying out its unauthorized investment-taking activities as the EIPD showed another evidence that ProCap is continuously offering/selling its unregistered securities.

ProCap had in fact invited the public to join its business presentations via Zoom platform on 23 January 2024 for this purpose.

This promoted the Enforcement and Investors Protection Department (EIPD) to file an instant motion requesting a cease and desist order.

The motion was
granted
on February 8th and pertains to:

ProCap International Inc., a shell company registered by Marilyn Presto Pedrigal and Jessica Fuentes Florendo in the Philippines;

ProCap Insure, a shell company registered in Seychelles; and

ProCap InsureTech, a shell company registered in Seychelles

Continued promotion of ProCap in the Philippines runs the risk of perpetrators being held in contempt. It’s assumed this will lead to more arrests.

In response to the arrests last October, ProCap rebranded from ProCap Insurance to ProCap International.

ProCap also hired the law firm Aguirre & Gatdula to
put out a “we are not a scam” statement
the day after the October arrests.

Aguirre & Gatdula don’t appear to have a website. The claimed law firm operates on FaceBook through Yahoo and GMail email addresses.

The statement put out by Aguirre & Gatdula denies the October arrests and claims, despite ProCap committing securities fraud, that the company “operates within the bounds of the law”.

Aguirre & Gatdula also misrepresented ProCap was registered to offer securities in the Philippines.

In its effort to comply with the Philippine laws and regulations, ProCap engaged the services of the Firm on 01 October 2023 for the necessary legal assistance to ensure that ProCap operates within the bounds of the law.

With an existing SEC registration and business permit, ProCap’s office is open and operational as there is no directive for its closure from any government office.

As confirmed by in the order granting the EIPD’s cease and desist motion;

ProCap has no license to sell/offer securities.

The EIPD presented in evidence the Certifications issued by the Company Registration and Monitoring Department (CRMD), Markets and Securities Regulation Department (MSRD), and the Corporate Governance and Finance Department (CGFD) of the Commission [SEC] which all certified that they have not issued to ProCap a secondary license to operate as a broker/dealer of securities, and that ProCap is not a registered issuer of securities pursuant to … the SRC, or of mutual funds, including exchange traded funds, membership certificates, and time shares.

ProCap appears to be a Ponzi scheme run out of Singapore by Chinese nationals.

As of March 2024, SimilarWeb tracked ~5400 monthly visits to ProCap’s website. Top sources of traffic include the Philippines 64% (up 367% month on month), Turkey (13%), Switzerland (7%), Japan (7%) and France (5%).

In addition to ongoing regulatory enforcement in the Philippines, Hong Kong issued a
ProCap securities fraud warning
on April 8th.

Update 15th November 2024 –
The Philippine SEC
revoked ProCap’s “ProCap International Inc.” registration
on August 7th, 2024.

🤖 Quick Answer

What enforcement action did the Philippine SEC take against ProCap Insurance?
The Philippine Securities and Exchange Commission issued a cease and desist order against ProCap International Inc. on February 8th, 2024, following evidence that the company continued promoting unregistered securities and conducting unauthorized investment activities through Zoom presentations, despite previous arrests of twenty scammers in October.

Who filed the motion for the cease and desist order against ProCap?
The Enforcement and Investors Protection Department (EIPD) filed the motion requesting a cease and desist order against ProCap International Inc. after discovering the company was still actively offering unregistered securities and conducting business presentations to solicit public participation in its investment scheme.

What shell company was involved in the ProCap investment scam?
ProCap International Inc., registered by Marilyn Presto Pedrigal, operated as a shell company facilitating

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