Live Breaking News & Updates on Hrough An Advisorya Cease And Desist Order Was Subsequently Issued Against The Company On June 23 Wellcons Has Been Offering Investment Packages Worth Php2

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 Philippines. The company's activities also constituted serious misrepresentation as to what it can do, to the great prejudice of or damage to the general public, a ground for the revocation of a corporation's certificate of registration under Presidential Decree No. 902-A, according to the order. The commission has warned the public against investing in Wellcons on February 2, through an a ....

The Philippines , Exchange Commission , Investor Protection Department , Wellcon Pangkabuhayan Program , Pangkabuhayan Program , Corporation Code Of The Philippines , Wellcons Unlimited Systems Inc , Wellcons Unlimited Systems , Republic Act , Revised Corporation Code , Presidential Decree , Securities Regulation , Sell Securities , Manila The Securities And Exchange Commission Sec Has Revoked Corporate Registration Of Wellcons Unlimited Systems Inc For Employinga Quot Double Your Money Scheme To Illegally Solicit Investments From Public In An Order Dated July 5 , He Sec Enforcement And Investor Protection Department Eipd Found That Wellcons Has Been Publicly Offering Selling Securities Without The Necessary Secondary License From Commission In Doing So , Ellcons Committed An Ultra Vires Act Under Section 44 Of Republic No 11232 , Therwise Known As The Revised Corporation Code Of Philippines Company 39s Activities Also Constituted Serious Misrepresentation To What It Can Do , O The Great Prejudice Of Or Damage To General Public , A Ground For The Revocation Ofa Corporation 39s Certificate Of Registration Under Presidential Decree No 902 , Ccording To The Order Commission Has Warned Public Against Investing In Wellcons On February 2 , Hrough An Advisorya Cease And Desist Order Was Subsequently Issued Against The Company On June 23 Wellcons Has Been Offering Investment Packages Worth Php2 , 500 To Php13 , 890 Undera So Called Binary System , Ith Guaranteed Returns Of Up To Php9 , 000 To Php32 , 000 Per Day Members Who Avail Investment Packages Under The Binary System Can Further Earn Through Wellcon 39s Pangkabuhayan Program ,