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The Securities and Exchange Commission has ordered the permanent closure of Wellcons Unlimited Systems Inc., an entity found to be offering investment packages to the public without the necessary license.
The Securities and Exchange Commission (SEC) said it has made permanent its order for Wellcons Unlimited Systems Inc. to stop offering investment packages to the public without the necessary license from the agency. The SEC said it would proceed with the revocation of the certificate of incorporation of Wellcons through…
SEC revokes Wellcons registration due to illegal solicitation of investments
MANILA - The Securities and Exchange Commission (SEC) has revoked the corporate registration of Wellcons Unlimited Systems Inc. for employing a "double-your-money" scheme to illegally solicit investments from the public. In an order dated July 5, the SEC Enforcement and Investor Protection Department (EIPD) found that Wellcons has been publicly offering and selling securities without the necessary secondary license from the commission. In doing so, Wellcons committed an ultra vires act under Section 44 of Republic Act No. 11232, otherwise known as the Revised Corporation Code of the ...
The Securities and Exchange Commission (SEC) has revoked the corporate registration of Wellcons Unlimited Systems, Inc. for illegally solicit investments from the public through a “double-your-money” scheme that resembles a Ponzi scam. In its order, the SEC Enforcement and Investor Protection Dep