THE Securities and Exchange Commission (SEC) issued a cease-and-desist order against SCET Colleens Corp. for its unlicensed investment scheme.
In a document dated Dec. 7, the commission is calling on SCET Colleens to immediately halt its operations, cease its internet presence, while prohibiting any of its representatives from dealing with funds or assets “to ensure the preservation of the assets of the investors.”
The SEC said its Enforcement and Investor Protection Department (EIPD) began receiving complaints and queries about the activities of SCET Colleens in August this year.
“The EIPD was able to gather and verify information that SCET Colleens is selling and/or offering investment packages and promos which require/entice potential investors to invest an amount ranging from a minimum of P3,800 to P1.08 million, with a guaranteed passive return of 5% to 8%,” the regulator said.
The commission came out with an advisory against the entity in September to warn potential investors.
The entity would primarily use its website to carry out the unauthorized investment-taking activities, the SEC said. The website no longer works as of writing.
“The EIPD also maintains that SCET Colleens’ investment scheme is an indication of a Ponzi scheme where returns are likely to be paid from the investments of new investors,” the SEC said.
SCET Colleens is registered with the commission under Registration No. CS202061878.
However, it does not have the license to collect investments from the public and its articles of incorporation also explicitly states that it “shall not solicit, accept, or take investments/placements from the public, neither shall it issue investment contracts.”
Based on the department’s investigation, SCET Colleens also “employed fraud and deceit.” Investors were lured into its scheme by using a fake Corporate Governance and Finance Department (CGFD) certification.
The EIPD requested the SEC’s Cebu Extension Office to conduct further investigation on SCET Colleens.
However, the SEC said the notice of conference was not given to the entity after it found that SCET Colleens’ office has been deserted since last year, while its directors were not living in the addresses provided on its articles of incorporation. — Keren Concepcion G. Valmonte
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