THE Securities and Exchange Commission has made permanent the cease and desist order against Humanitarian and Spiritual Mission Apostulates of Davao and Asia Inc., Hasmadai Foundation Inc. and Humanitarian Institute of Technology Corp. for their unauthorized solicitation of investments.
In a resolution, the SEC en banc affirmed the issuance of the CDO against the Hasmadai Group, effectively denying the company’s motion to lift.
The Hasmadai Group’s scheme revolved around the solicitation of donations ranging from P5,000 to P20,000, with the donor guaranteed to get a monthly “missionary allowance” equivalent to 27 percent to 34 percent of the donation. The scheme involved the sale or offer of securities in the form of investment contracts, whereby a person makes an investment of money, in a common enterprise, with the expectation of profits, to be derived solely from the efforts of others, the SEC said.
In its motion to lift the SEC order, Hasmadai representatives maintained that the amounts received by its entities were donations and not investments and, as such, cannot be considered as securities under the contemplation of the SRC.
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