THE Securities and Exchange Commission (SEC) has allowed JOCALS688 Beauty and Wellness Products Trading, Inc. to resume operations after it was ordered shut for illegally soliciting investments.
The corporate regulator granted the wellness company’s plea to reopen provided it limits itself to the sale of its products, according to a copy of an order posted on its website.
The company resells beauty and wellness products, coffee, juice and herbal products. It also offered a “Buy and Earn Program” that promised returns if one recruited more members.
The SEC classified this as unauthorized sales of securities and solicitation of investments. It ordered JOCALS688 closed in May.
The regulator said the company’s registration only allows it to sell merchandise and bars it from soliciting investments and issuing investment contracts.
JOCALS688 then sought to lift the shutdown order in June. Pending a decision on such motion, it filed another plea in July to be allowed to resume operations.
It said there was a “demolition job” against it, hence the anonymous tip that triggered the SEC investigation. The company said its products have been approved by the Food and Drug Administration.
Aside from JOCALS688, other companies that the SEC shut down this year for selling securities without a license were Building Our Success Stories Network, Inc.; Fast Track Worldwide, Inc.; CROWD1 Asia Pacific, Inc.; Lion City Finance Group, Inc.; and Payasian Pte. Ltd. Corp. — Denise A. Valdez
