The Securities and Exchange Commission (SEC) has ordered PawisngPinoy Online Investment, an unregistered entity claiming to be in rice buying and selling, building, medical provides and actual property companies, to stop its illegal investment-taking actions.
PawisngPinoy was utilizing a pretend certification to make it seem it had been licensed by the SEC to solicit investments from the general public, the company watchdog stated in a press assertion.
SEC famous PawisngPinoy had by no means been registered as an organization or partnership. Accordingly, it can’t safe a secondary license wanted for the issuance of securities for public providing, pursuant to the Securities Regulation Code.
In an order dated March 1, the SEC en banc directed PawisngPinoy to instantly stop and desist from participating within the illegal solicitation, providing and/or sale of securities.
“[T]his Commission finds, and so holds, that PawisngPinoy is unlawfully engaged within the sale and/or provide of unregistered securities within the type of investment contract, as a result of it has no license to perform the identical,” the SEC en banc held.
‘Operates as a fraud’
The order added that “the act of PawisngPinoy in promoting/providing unregistered securities operates as a fraud to the general public which, if unrestrained, will seemingly trigger grave or irreparable harm or prejudice to the investing public.”
The SEC directed PawisngPnoy, its homeowners, operators, representatives, brokers and promoters to stop their presence on-line. They have been likewise prohibited from transacting any enterprise involving funds in its depository banks and from transferring, disposing or conveying any associated belongings to make sure the preservation of the belongings of buyers.
The company watchdog issued the stop and desist order after its Enforcement and Investor Protection Department (EIPD) discovered that PawisngPinoy has been soliciting from the general public investments starting from P2,000 to P10,000, in trade for a assured passive earnings of P4,500 to P20,500 inside 5 to six days. The group has additionally been promising buyers P500 to P2,500 in bonuses.
Investments obtained from the general public would allegedly be used for PawisngPinoy’s rice buying and selling enterprise, building and medical provides distribution and actual property operations, however the EIPD discovered these to be nonexistent.
The cash collected have been as a substitute “utilized to fulfill and pay the assured returns of its current buyers,” the order learn. INQ
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https://business.inquirer.net/342644/pawisngpinoy-online-ordered-to-stop-illegal-investment-scheme
