THE Securities and Exchange Commission (SEC) has permanently barred the Humanitarian and Spiritual Mission Apostolates of Davao and Asia Inc., Hasmadai Foundation Inc. and Humanitarian Institute of Technology Corp. (Hasmadai Group) from the unauthorized solicitation of investments from the public.
THE Securities and Exchange Commission has permanently barred the Humanitarian and Spiritual Mission Apostolates of Davao and Asia Inc., Hasmadai Foundation Inc. and Humanitarian Institute of Technology Corp. from the unauthorized solicitation of investments from the public.A cease-and-desist order issued last May was made permanent by the regulator in a Dec. 3 resolution.
The SEC said the group promised donors of P5,000 a return of P8,100 in just six months, while donors of P20,000 would get P41,000.'The use of the term 'donation' by Hasmadai does not operate to negate the fact that the unauthorized scheme which it is carrying out consists of selling/offering securities in the form of investment contract,' the SEC said.
Barred From Soliciting Investments
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