Based on a two-page order signed by SEC-Enforcement and Investor Protection Department officer-in-charge Oliver O. Leonardo dated January 8, the SEC En Banc approved last December 10 the offer of Hoton to pay P815,000 or equivalent to 50% of the imposable penalty, which the company paid last December 28, or some 18 days later.
The agency issued an advisory against the firm after receiving a report that Hoton was offering to the public its “Franchise Partnership Program,” partaking of a nature of securities in the form of investment as defined under Section 3.1 of Securities Regulation Code.
“Hoton Retail and Services, Inc. is not authorized to issue, sell or offer for sale securities to the public nor undertake business activities requiring a secondary license from the Commission,” SEC said in its advisory dated September 10, 2020.