PRESS RELEASE: Advisories Issued vs 2 Firms Operating in SEC Davao’s AOR
PRESS RELEASE: Advisories Issued vs 2 Firms Operating in SEC Davao’s AOR
The Enforcement and Investor Protection Department of the Securities and Exchange Commission (SEC) has issued another set of advisories against several entities soliciting investments from the public without the necessary licenses.
The following corporations have operations within the SEC-Davao’s Area of Responsibility (Davao Region, Soccsksargen, Cotabato City and Maguindanao Province):
- ASTRAZION INTERNATIONAL, ASTRAZIONNOBLE TASK COMMUNITY FOUNDATION and ASTRAZION GLOBAL HOLDINGS INC.
The Commission also highly encourages our LGUs to double check in approving the permits of these businesses and their owners.
For the complete list of advisories, you may visit https://www.sec.gov.ph/investors-education-and-information/advisories/.
WELLCONS UNLIMITED SYSTEMS, INC. (WELLCONS), with principal office located at P15A, National Highway, Bagontaas, City of Valencia, Bukidnon and headed by MERARI PAILAGAO, is enticing prospective individuals to join the company through the “binary system” and “pangakabuhayan system”.
The scheme of WELLCONS UNLIMITED SYSTEMS, INC. is a hybrid of a pyramiding and a ponzi scheme.
ASTRAZION INTERNATIONAL, ASTRAZION NOBLE TASK COMMUNITY FOUNDATION and ASTRAZION GLOBAL HOLDINGS INC., on the other hand, is luring the public to invest their hard-earned money by promising them lucrative earnings of 3% daily depending on the amount of the AZNT token package availed of for a period of 100 days.
The public is reminded that any offer or promise of ridiculous rates of return with little or no risk similar to the scheme of ASTRAZION is an indication of a possible “Ponzi Scheme” which is defined as an investment fraud that involves the payment of purported returns to existing investors from funds contributed by the new investors.
Both corporations, although registered with the Commission, have NO SECONDARY LICENSE to solicit, accept or take investments/placements from the public nor to issue investment contracts and other forms of securities defined under Section 3 of the Securities Regulation Code (SRC) since it has not secured prior registration and/or license from the Commission as prescribed under Sections 8 and 28 of the Securities Regulation Code (SRC).
PLEASE NOTE THAT THE SEC CANNOT GUARANTEE THE RECOVERY OF YOUR MONEY.
