THE Enforcement and Investor Protection Department of the Securities and Exchange Commission (SEC) issued an order on Dec. 18 revoking the certificate of incorporation of INFINITY8NETWORKS DIGITAL SERVICES OPC, which is registered to engage in the business of data processing and web hosting.
The company faces the action due to “serious misrepresentation,” according to the SEC order signed by Director Oliver O. Leonardo.
“Investigation conducted by the department revealed that INFINITY8NETWORKS DIGITAL SERVICES OPC offers unregistered securities to the public with a minimum investment of P500 up to P500,000 per account,” the SEC said in its order.
“Investors may earn 30% after five days, 500% after 40 days, 200% after 20 days,” it added.
A fine of P1 million is imposed on the company for offering securities to the public without prior registration and license, according to the commission.
“The certificate of incorporation/registration of INFINITY8NETWORKS DIGITAL SERVICES OPC is hereby revoked,” the SEC order also said.
The company and its incorporator and nominees are directed to pay the fine of P1 million within a period of 15 days from the receipt of the order. — Ashley Erika O. Jose
