THE Securities and Exchange Commission (SEC) has filed criminal complaints with the Justice department against four entities for allegedly soliciting investments without licenses.
The commission lodged complaints against Bear Mountain World, Inc., Beyond Skin Care Ventures, Inc., SCET Colleens Corp., and Great 4 International Marketing Corp. for allegedly violating several provisions of Republic Act No. 8799 or The Securities Regulation Code (SRC), the SEC said in a statement on Tuesday.
The complaints also implicated the incorporators and officers of the entities in question.
Under the SRC, it is prohibited to sell or distribute securities without a registration duly filed and approved by the SEC. Those deemed guilty will face a fine of up to P5 million, or imprisonment of up to 21 years, or both.
“All four corporations have previously been registered with the SEC as corporations. However, none of them have secured the necessary secondary license that would allow them to offer securities to the public,” the SEC said.
The SEC said that Bear Mountain allegedly offers investments with a promised monthly income of 20%-30% of the amount invested in three years.
Beyond Skin Care Ventures, which operates under the name Dermacare Face Body and Laser Center, reportedly entices the public to invest in its franchise partnership agreement for a promise of receiving a guaranteed return of 12.6% interest every quarter for a period of five years, with complimentary salon services.
Great 4 International Marketing, operating under the business name and style Home Organic Wellness, allegedly offers a guaranteed monthly income of 14.4% of the amount invested in 18 months.
SCET Colleens reportedly offers investments ranging from P3,800 to P1.08 million, with a return on investment supposedly from 5% to 8% per month.
“The SEC-Enforcement and Investor Protection department has already revoked the corporate registrations of SCET Colleens and Beyond Skin Care Ventures on Feb. 23, 2023 and Nov. 7, 2023, respectively,” the SEC said. — Revin Mikhael D. Ochave
