Pluggle is Dead

Pluggle pyramid scheme is officially dead they are done, they are or he is probably thinking of another pyramid scheme to establish after Pluggle. Poor members who have invested their hard earned Php1,000 they will never get it back, well they can always file a complaint and hire a lawyer but for Php1,000 I doubt that will ever happen but they can organize and file a lawsuit together.

On their website https://pluggle.com.ph/, they have posted an announcement that they are officialy closing their affiliate program:

"With this, Pluggle management has decided to discontinue our affiliate program and just continue Pluggle as an advertising website after we deal with the SEC issue."

I feel sorry for those people who invested in Pluggle Pyramid scheme, they will never get their money back. But they should demand it from Pluggle, they should write a Demand Letter asking for their money back. They could also pressure their upline and those who are shamelessly promoting defending Pluggle like
this dude:

FYI, I didn't search for this video, I just found it in an online forum Bitcoin Talk, they are talking about him since he's a firm defender of Pluggle he even have a large banner on the homepage of Pluggle.
https://bitcointalk.org/index.php?topic=1984198.120

Coins.ph Issued a Warning Against Pluggle

Pluggle which is a pyramid investment scheme which has recently been warned by the SEC for soliciting investments has another headache. Their main payment method Coins.ph has also issued a warning against them. In a blog post, coins.ph distance themselves to Pluggle and said reiterated that, " Coins.ph does not offer or promote any investment products, and is not affiliated in any way with entities offering such products.  All Coins.ph customers are strongly urged to apply vigilance and avoid participating in get-rich-quick and unlicensed investment schemes.

It’s tempting to believe in get-rich-quick “investment schemes” that offer easy money – especially when your friends talk about it on social media. However, we strongly urge all Coins.ph customers to watch out for schemes that promise large, guaranteed returns quickly. Before you make send money to individuals or companies promoting these services, we urge you to be vigilant and check their legitimacy."

They also said that they have zero tolerance policy on fraud and scamming practices. There are reports from Pluggle members that can no longer use coins.ph to encash. It seems that Pluggle's account have been suspended by Coins.ph.

READ THE FULL POST HERE

SEC Issued warning Against Pluggle

The Philippine Securities and Exchange Commission (SEC) on Thursday issued a warning to people who want to invest their money in Pluggle Inc., saying the company has no authority to solicit investments.

"The public is hereby informed hat Pluggle Inc., despite having been registered with the commission as a corporation, is not authorized to solicit investments from the public", according to SEC's advisory. 

This commission has received information that Pluggle's advertising website claims members can make "significant gains" from a P1,000 initial investment by simply logging on every day or by getting referrals.

"On its Facebook account, Pluggle promises a return of 30 percent to 100 percent in 12 days," the SEC said.

Pluggle members supposedly get P100 upon registration and P100 for each log on to the website, and for enticing other other people to join the investment scheme.

In an separate announcement, Pluggle cited the SEC advisory and emphasized that it "will never be" an investment company.

"The concept of Pluggle is clear and known to all. But, unfortunately, some people and sectors have misunderstood the way we do business, and maybe some members misrepresented Pluggle when talking to people," the company said.

Pluggle said that their management and their lawyers are looking into the matter and will take the necessary response and address the SEC advisory.

The SEC clarified that the company "has not secured the necessary license or permit from the commission as required under Sections 8 and 12 of the Securities Regulation Code (SRC)."

"Consequently, those who act as salesman, brokers, dealers or agents of Pluggle Inc. ... may likewise be prosecuted and held criminally liable," it added.

Those found guilty may face fines of up to P5 million, or a penalty of 21 years imprisonment, or both.

"Accordingly, those who invite or recruit other people to join or invest in this venture or offer contracts or securities to the public may be held liable or accordingly sanctioned or penalized," the SEC said.

"In view thereof, the public is hereby advised to exercise caution before investing in these kinds of activities and to take the necessary precaution in dealing with Pluggle Inc. or its representatives," it added.

Kawawa naman ang mga nabiktima! tsk tsk tsk!

Update on Pluggle Scam?

I have written a post here that explaining why Pluggle is a Pyramid Scheme, actually I'm not alone a lot of victims are now posting on Facebook and blogs about Pluggle. Even Netbusinessrating which is a very reliable review website have tagged Pluggle as illegal "This site is identified as illegal because it uses a ponzi system". 

Check out Netbusinessrating review on Pluggle here