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Published December 15, 2020, 2:00 PM Get-rich-quick cryptocurrency scams have proliferated online, shamefully seeking to take advantage of netizens who are merely trying to augment their incomes during these difficult times. The Securities and Exchange Commission (SEC) investigated more than 30 of these online scams as of April 2020, all of which were deceiving victims into investing money into illegal investment operations with the promise of large and quick returns. Fraudulent cryptocurrency platforms use Ponzi or pyramiding schemes, which generate returns for earlier investors by taking la...

Published December 15, 2020, 5:30 AM A Quezon City regional trial court has fined three persons a total of P2 million after being sued by the Securities and Exchange Commission (SEC) for illegally soliciting investments from the public.  In a decision dated 27 November 2020, the Quezon City Regional Trial Court Branch 90 found guilty beyond reasonable doubt Rolando R. Pascua, Jr., Celia Pascua, and Mary Jane P. Recto for violations of the Securities Regulation Code (SRC).  “Winning cases against perpetrators of fraudulent investment schemes affirm the Commission’s commitment to holding ...

​ THE Securities and Exchange Commission (SEC) exempted Suntrust Home Developers, Inc.’s proposed issuance of P5.6 billion, 6% convertible bonds to Summit Ascent Investments Ltd. from registration requirements. Suntrust released on Monday a copy of the SEC letter dated Dec. 11, as signed by SEC Director Vicente Graciano P. Felizmenio, Jr. Mr. Felizmenio said the company is “exempt from the registration requirements under Section 8 of the Securities Regulation Code, for which the exemption fee in the amount of P5.66 million was paid to the commission on October 08, 2020…” Mr. Felizme...

Published December 13, 2020, 5:00 AM The Securities and Exchange Commission (SEC) announced that it has approved the securitization of P319.32 million worth of National Home Mortgage Finance Corporation’s (NHMFC) residential loan portfolio. In a statement, the SEC said the Commission En Banc approved the secondary mortgage institution’s securitization plan, subject to the fulfillment of certain conditions.  Under the securitization plan, NHMFC will sell a select pool of 1,291 long-term secured residential loans to a special purpose trust known as BALAI Bonds 2 Special Purpose Trust (BAL...

December 11, 2020 | 7:47 pm Font Size AAA THE Securities and Exchange Commission (SEC) warned the public against investment schemes run by Cubebit 2.0 and Alisurvey Advertisement Marketing Services, which it said are not authorized to make such offers. In two separate advisories on its website, the SEC said the two entities are soliciting investment without licenses. The SEC said the Cubebit 2.0 scheme promises “ridiculous rates of return with little or no risk.” According to the regulator, Cubebit 2.0 claims to give investors the opportunity to earn passive income via a number o...