Corporate News

SEC upholds order vs Aman Futures Group

Posted on October 17, 2012

THE SECURITIES and Exchange Commission has upheld its recent cease and desist order (CDO) against Aman Futures Group Philippines, Inc., warning the public against e-mail and text messages claiming that the securities firm has already been cleared to operate for six months.

“Reports have reached the SEC that news through e-mail and text messages have been circulating in Pagadian City, stating that Aman Futures Group has already been issued a secondary license by the SEC and that the company has been given clearance good for six months which will allow it to operate. The commission wishes to clarify that it has not issued any secondary license to Aman Futures,” an SEC statement e-mailed to reporters yesterday stated.

“The CDO issued by the commission Oct. 8 still stands. This being the case, Aman Futures, its officers, directors, agents, representatives, conduits, assigns, and any and all persons claiming and acting for and in behalf and under their authority are still prohibited, under pain of contempt, from offering, soliciting, or otherwise offering or selling unregistered securities to the public, such as, but not limited to, investment contracts, pooling of funds, investment trusts, or similar forms, and, in connection therewith, soliciting, accepting or receiving from others, money for the purpose of trading in any futures contract,” the statement added.

Aman Futures was not immediately available for comment.

In an Oct. 8 order, the SEC had ordered Aman Futures, a Pasay City-based firm with operations in Pagadian City, Zamboanga del Sur, to stop offering unregistered securities to the public after the agency had found the company guilty of the following violations: non-registration of securities sold to the public; non-registration as broker or dealer despite acting as such; engaging in commodity futures contracts contrary to law; and undertaking businesses contrary to its primary purpose as a general trading company.

Under its current scheme, investors entrusted money placements with Aman Futures with a pledge by the firm to return, via post-dated checks, the entire sum with as much as 40% in profits, siphoning P244 million from its investors in the process. -- Franz Jonathan G. de la Fuente