Connect with us

Hi, what are you looking for?

News

SEC revokes registration of 2 investment-taking entities

THE Securities and Exchange Commission (SEC) has revoked the corporate registrations of Koen Solutions OPC and Phil Maritime and Ocean Institute of Technology, Inc. (PMOIT) for illegally soliciting investments from the public.

In a press release on Thursday, the SEC said Koen Solutions violated Section 44 of the Revised Corporation Code and Sections 8, 26 and 28 of the Securities Regulation Code.

The SEC’s Enforcement and Investor Protection Department (EIPD) found out that Koen Solutions had been inviting the public to invest in its application for a guaranteed 2.5% to 3% daily income or 75% to 90% monthly income.

Interested individuals must put in money on “financial trading robots” which supposedly search for and trade cryptocurrencies that bring profits to investors.

On Sep. 9, the regulator issued an advisory against Koen Solutions that also directed it to stop soliciting investments until it has secured the license to do so.

Koen Solutions continued to sell investments, the SEC said, adding that the entity claimed to have applied for a secondary license.

“Considering that nowhere is it stated in its primary purpose that Koen Solutions is authorized to engage in the selling or offering for sale of securities to the public, the activity of Koen Solutions of selling, or offering for sale of investments is considered an ultra vires act,” the SEC order read.

Meanwhile, Phil Maritime was found to be enticing the public to invest P350,000 for a 40% share in the school’s annual income, translating into a P206,000 share or a quarterly income of at least P51,000.

The promised return on investment supposedly comes from the school’s revenues, earnings from its training center, dormitory revenues, and earnings from the school’s commercial center.

“This scheme is unsustainable, as it must rely on a continuous inflow of new investors in order to make payouts to earlier investors, all the more made glaring considering that it has no actual operations yet to speak of,” the EIPD said.

On Sep. 13, the SEC issued an advisory against PMOIT and advised the public not to invest in the group.

The regulator said the investment schemes of PMOIT and Koen Solutions involve the sale and offer of securities to the public in the form of investment contracts that are required to be registered with the commission.

“The certificates of incorporation of Koen Solutions OPC and PMOIT have thus been revoked, with such status caused to be reflected on the online database of the SEC,” the regulator said. — Justine Irish D. Tabile

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Editor’s Pick

<?xml encoding=”utf-8″ ??> Aspect is the well-known property maintenance company in London that is recognised for its signature yellow and blue vans, which are...

Editor’s Pick

<?xml encoding=”utf-8″ ??> The Wakelet Microsoft 365 Children’s Parliament backed by The Express, is proud to announce that James Caan CBE, the former Chairman...

News

THE TOWERING BUILDINGS of Makati’s central business district are seen in the background in this May 13, 2020 file photo. — PHILIPPINE STAR/ MIGUEL...

News

A Philippines peso note is seen in this illustration on June 2, 2017. — REUTERS THE PHILIPPINES could benefit from the proposed Maharlika Investment...

News

PASSENGERS queue before the check-in counters at the Ninoy Aquino International Airport (NAIA) Terminal 3 after flights were canceled due to technical issues on...

News

By Arjay L. Balinbin, Senior Reporter METRO PACIFIC Investment Corp. (MPIC) expects to generate P500 million in revenue from its dairy business by 2025,...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.