I would like to know if Toga Capital Limited is a scam, my parents are giving up everything and inviting their friends too for this company, and I would like to know if they’re genuine.
What they do is employ a sort of multi-level marketing strategy, embedded in a an app (trading software sortof) that makes you invest stocks using “toga points”.
Here’s their scheme:
- Vision – They want to be the best messaging app they made called “Toga Chat”, by reaching 500M users by 2019 and being listed in NASDQ where they said they will gain $2Billion
- To catalyze this- They recruit “agents”– each agent invests $100-$3000 in a multi-level marketing scheme, and recruits others (they get half of their recruit’s investment as commission) this “investment” is converted into “TOGA points”
- The “Toga points” can be used to buy “STOCKS” shares in their created Binary Options platform (trading software) called “TOGA Options”
- They promise that if they are able to buy 100 shares using the “TOGA points”, they just sit back and it will become $820,000 by 2019 (once they become listed in NASDAQ as IPO)
- They have legitimate looking websites: https://www.togacapital.com/ and is in bloomberg https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapid=207422249
This is very critical since they’re recruiting a lot of people to invest in their promise. When they buy stocks using the “toga points” they dont get any certificate, but the company says that they will have the certificate once it’s in IPO in NASDAQ by 2019.
Please please let us know if this is legitimate, we know nothing about this field, and I dont want my parents to risk everything they worked hard for.
Best Answer
Any legal binary options broker will have a license in your local country. If they are not licensed locally, then do not deal with them.
The easiest way to see if the broker you are dealing with is legal, is try withdrawing your money. If they don’t process your withdrawal that day, then call you banks fraud department.
Best smart and use one of The Best Brokers.
I tried all the products and I can’t get any of them to work. The downloads of Toga Chat don’t number above 5,000 on any of the app sites, but their projections are astronomical. The feedback is good, but all the feedback comes from those who download it which are agents themselves who have a biased stake in its future. I would not put up my life savings. It’s too good to be true. At best, those shares go public and they could get out at a nice profit. I see it as musical chairs. The last ones standing will be the bag holders, and it won’t be pretty. It’s like a typical penny stock scam in my opinion, only they are doing it with private placements overseas. I’m guessing because the SEC in the United States has gotten a lot more strict.
In worst case, they intend to run off with all the money due to the loose laws of the Cayman Islands and disappear into the night. But I just don’t know. There is no transparency. All I see is a lot of naïve investors putting money into a shell company that doesn’t report in the hope of someone coming in behind them in the trickle down economics of the multi-level marketing. Nobody is buying the products though, from what I can tell. Can you actually book a hotel at TogaGo? I can’t even get anything to pull up. Nothing seems easy to use to me.
I’m just a guest giving my impression. I could be wrong.
Perhaps it is a developing company that needs more time to show its capability. But overall it could be considered as a legal and decent company.
Just risk what you can afford to lose. I\’m still skeptical about their ability to go Nasdaq, but one never knows with certainty about anything in the stock market. The market is ruled by emotions as well as fundamentals. Everything seems legal as the above poster said, but legal companies go broke legally all the time. Everybody has a vision of world conquest. Just be careful and don\’t get too greedy. Diversify. Big returns come with big risks.
http://www.bnm.gov.my/index.php?lang=en&ch=en_financialconsumeralert
The full list of blacklisted companies can be downloaded on Bank Negara Malaysia’s website (link above). It is number 379 and 380.
Despite the website saying it is registered in the US, it is not authorised in Malaysia and I highly suggest you stay away from this company and its subsidiaries and also report anyone engaged in it.
I\\\’m the one who gave the initial post inquiry for Toga Capital to research one year ago as concern for my parents, when they were initially trying to explore venturing into Toga Capital.
Just to contextualize this post, one year ago, Toga was still starting in the Philippines and my parents got introduced to this company. Since I am concerned, I tried to do my own research and call for more information on the internet (hence I posted here). I even wrote to FINRA and US Securities and Exchange Commission to verify the company (since I care for my parents).
One year later, I\\\’ve seen for myself how Toga Capital is a growing company trying to reach its vision through empowering their agents. I gained an appreciation and understanding through my parents work that what they\\\’re doing is actually a marketing strategy for the company to be competitive in the market.
Both FINRA Central Review Group and US SEC have replied to my letter to them (they sent an actual reply letter straight to our address) and have verified that Toga Capital is legitimate.
I\\\’ve kept a critical lens over the months observing how they\\\’re progressing as a company, and I see that they\\\’re pretty inspiringly serious in building the capacity of their members. Regular trainings in Kuala Lumpur, Hongkong, to conferences in Malacca and Macau all to mobilize everyone and give a chance for a lot of people to have shared ownership of the company\\\’s vision. I especially appreciate the part where they enlist small merchants to have Toga Pay, which can be considered giving access to financial inclusion by creating a digital ecosystem even for small market players.
They also did a great job continuing the improvement of the Yippi interface, which if you\\\’d download, looks pretty competitive as a messaging app now (compared to its beta version, a year ago).
I have also learned from my parents\\\’ feedback that my post in this forum is being screenshot and used by various networkers who try to discredit toga to protect their market interest, and it\\\’s beginning to be unnecessarily annoying cause they then my parents and their colleagues have to spend time to answer these questions every time.
In order to give justice to all the hardworking toga agents around the world and the company, whom I\\\’ve cost a lot of trouble, because of my inquiry 1 year ago, I am posting this clarification and my own testimony to how the company has progressed dramatically in only 13 months.
I\\\’m a witness to how it has dramatically empowered the leadership skills of my parents and their colleagues, gave quite a sense of purpose too for them as it involves a financial inclusion advocacy. I salute Toga Capital for moving forward and being accountable in ensuring that they improve their services and that they build the capacity of their agents to drive the company to success.
I hope this message clarifies any doubts about the company, I take back my inquiry and have personally verified this company to be trustworthy.
Wishing the best for Toga, and I apologize to all Toga associates that I caused trouble to.
Thank you!
If it is true FINRA Central Review Group and US SEC has replied you, can you please attach the legitimate replies? We hope you are sincere and not doing this to help your parent’s investments as my husband & I are both retirees who are hoping to put oyr retirement savibgs into a legitimste co for betyer returnd for our old age. Thank you very much
Some points of interest;
1.How can we check the credibility of your claim that you were the one who posted the initial query (which embodied most of the concerns of future investors?) which is apparently posted by an “anonymous”.
2. If FINRA and US SEC have replied to your letter to them, would you be kind enough to share that letter so we can also be enlightened on the doubts lingering through and in our minds.
I think, the letter from the above government agencies can clear some clouds. Thanks and will be awaiting your action.
In Malaysia, Bank Negara Malaysia released a list of alert companies (13 March, 2019):
http://www.bnm.gov.my/index.php?lang=en&ch=en_financialconsumeralert
In Indonesia language (News dated 13 March 2019):
https://m.kontan.co.id/news/ini-daftar-terbaru-47-investasi-bodong-temuan-satgas-waspada-investasi/
Commission is the one being used for share purchasing.
So, clearly, you need to patch-up other people’s entry money to purchase your own shares.
So, in the long run, more people will be stocked as agents without any shares.
This is how the PONZI scheme is patterned.
Actually, NOT ALL AGENTS will tell you this. I believe the SEC will stop this TCA Agent Program soon.
More so, AGEL ENTERPRISES INTERNATIONAL SDN BHD is the owner of shares being sold to agents. They use TCA as an alias for the marketing arm. TCA is NOT a company.
AGEL, bought 1.2-Billion share from Toga Limited. Agel is clearly making money from agents. Agents are NOT safe with this program. Agel can close with all agent’s registration money. Better buy TOGA Limited stocks on Public Market not with AGEL Agent Program. Stock Symbol is TOGL. TOGA LImited is genuine. Warning!
Thomas
https://www.sec.gov/litigation/opinions/2019/34-85480.pdf
Go Nasdaq by October ? No way they can achieve that.
http://www.sec.gov.ph/togachat-academy-philippines-inc/