THE Securities and Exchange Commission (SEC) has revoked the registration of New Seataoo Corp. and Seataoo Information Technology OPC and imposed a P1-million fine for unauthorized investment activities.
THE Sec urities and Exchange Commission has revoked the registration of New Seataoo Corp. and Seataoo Information Technology OPC and imposed a P1-million fine for unauthorized investment activities.In a May 10 order, the agency's Enforcement and Investor Protection Department said that Seataoo was soliciting investments from the public without the required license, in violation of the Sec urities Regulation Code .
The EIPD's investigation revealed that the company's operations involved elements of an investment contract, which required prior registration and approval from the commission.The agency also said it had received numerous complaints against Seataoo since last year for requiring sellers to pay for products upfront, which were then marketed as investments rather than retail transactions.
Voids Firm's Registration Over 'Ponzi'-Like Scheme
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SEC voids registrations of 'religious' groupsTHE Securities and Exchange Commission (SEC) last week revoked the registrations of two supposedly religious groups for misrepresentation and fraudulent activities.
Read more »
NexGen Energy IPO approved by the SECNexGen Energy [XGEN] [link] had its P500 million IPO registration approved by the SEC. XGEN is a subsidiary of Pure Energy Holdings Corp (PEHC), the energy generation holding company owned by Dexter Tiu that is also the parent company of Repower Energy Development Corp [REDC 5.40 ?3.9%.
Read more »
Cash ayuda ng mga tao, bawal kupitan ng mga barangay official-- DSWD Sec. GatchalianNagbabala si Department of Social Welfare and Development (DSWD) Secretary Rex Gatchalian laban sa mga opisyal ng barangay na mananamantala sa perang ayuda para sa kanilang mga kababayan na mula sa pambansang pamahalaan.
Read more »
SEC Cebu teaches financial wellnessSunStar Publishing Inc.
Read more »
SEC clears NexGen Energy's P478.4-M IPOLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »
SEC approves P580-m IPO of NexGen EnergyDefining the News
Read more »