SEC: 2 entities offering securities lack license

By VG Cabuag @villygc

ThE Securities and Exchange Commission (SEC) has warned the public against investing in Infinity Success Trading and Crowdfunding Pinas as they are not registered with the agency.

Based on reports gathered by the agency, Crowdfunding Pinas is being managed by AJ Perez whose posts were encouraging people to invest in his crowdfunding projects for a promise of a monthly profit and guaranteed return of investment.

“AJ Perez is inviting the public to its current crowdfunding project in Antipolo, entitled Saglit Private Villas 2nd branch and Aria Gastropub and Saglit Private Villas,” the agency said.

“The public is hereby informed that Crowdfunding Pinas is not registered with the commission and is not authorized to solicit investment from the public, not having secured prior registration and/or license to sell securities or solicit investments as prescribed under Section 8 of the Securities Regulation Code.”

The SEC also said Crowdfunding Pinas is not registered as a crowdfunding intermediary and funding portal pursuant to the Rules and Regulations Governing Crowdfunding.

The agency said AJ Perez has not been issued a Certificate of Registration as an associated person, compliance officer, salesman and certified investment solicitor of a broker in securities investment, investment house, underwriter of securities, investment company adviser and mutual fund distributor.

The Financial Products and Services Consumer Protection Act prohibits investment fraud, which is defined as any form of deceptive solicitation of investments from the public which includes Ponzi schemes and such other schemes involving the promise or offer of profits or returns sourced from the investments or contributions made by the investors themselves.

The SEC also warned the public against investing in Infinity Success Trading, which is headed by Al Sarif hasan.

The group, which operates an online trading platform, claimed that it represents professional traders that will “help investors learn the safest way to trade to the best of their abilities.”

“They will also allegedly help in giving signals and reading patterns to make sure investors’ trades are safe,” the SEC said.

The group is offering investments to the public with a minimal amount of P500 up to P100,000 and investors may earn 40 percent after 7 days.

Infinity Success allegedly earns through trading such as foreign exchange and crypto trading. Based on the information gathered by the SEC, the group is expanding their business as casino junket operators.

The SEC said the group is not registered with the agency and operates without a license.