MANILA - The Securities and Exchange Commission (SEC) has ordered Wellcons Unlimited Systems, Inc. to stop offering investment packages to the public without the necessary license from the Commission. In an order dated June 23, the Commission en banc directed Wellcons to immediately cease and desist from engaging in the unlawful/unauthorized solicitation, offer and/or sale of securities until it has filed the requisite registration statement and secured the necessary approval from the SEC. Wellcons, its president Merarie Pailagao, as well as its officers, operators, administrators, promoters, representatives, salesmen, agents, investment team planners, mentors, enablers, influencers, assigns, conduit entities, and subsidiaries have also been ordered to stop their investment solicitation activities, as well as to immediately cease their internet presence related to their unauthorized investment scheme. They have also been prohibited from transacting any business involving funds in Wellc
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SEC-Davao Extension Office director Attorney Katrino Ponco-Estares. (PNA Photo by Robinson Ninal) DAVAO CITY - The Securities and Exchange Commission (SEC) Extension Office in Davao has warned the public about the presence of unauthorized investment schemes that operate in their area of responsibility. "These double your money, cryptocurrencies, betting game schemes, once they go to the public to engage more people to invest, that is the red flag already," SEC-Davao Extension Office Director Katrino Ponco-Estares said in a press briefing here Monday. SEC-Davao has issued 116 advisories against these groups in 2021 and 123 in 2020. In 2019, the agency also recorded the existence of 65 dubious investment schemes in the region. Estares noted that the increase of such unlawful investment groups took place during the pandemic. Some of the entities that operate in the Davao Region, she said, are Astrazion International, Astrazion Noble Task Community Foundation And Astrazion Global
CAGAYAN DE ORO CITY - The Security and Exchange Commission - Cagayan de Oro Extension Office (SEC-CDOEO) has issued a public advisory on 27 firms allegedly running "investment scams". The advisory about the 27 suspicious investment firms without appropriate SEC licenses was posted on the Facebook page of the Department of Trade and Industry-Bukidnon on Tuesday. In a statement, lawyer Frederick A. Enopia, SEC-CDEO officer-in-charge, said the majority of the identified entities utilize the online platforms through mobile applications to entice the public in various areas. Enopia also noted the prominence of Bukidnon-based "Wellcons Unlimited System, Inc." whose operations proliferate in areas of Northern Mindanao and Caraga regions. "SEC-CDOEO was alarmed by the prominence of the Wellcons' presence in its jurisdiction throughout Region 10 (Northern Mindanao) and 13 (Caraga) by receiving numerous reports. The SEC -CDOEO then issued an advisory to warn the publ