THE COUNTRY’S corporate regulator has advised the public against investing in Angel Investor Group, Inc. (AIG), since the company has no license to do so.
In an advisory posted to its website, the Securities and Exchange Commission (SEC)’s Enforcement and Investor Protection Department said it has found Angel Investor Group to be soliciting investments with a promise of a 100% profit return after one month, in addition to “1,500 bonus share.”
“The public is hereby informed that Angel Investor Group, Inc. is registered with the Commission as a corporation in the year 2000 but is not authorized to offer, solicit, sell or distribute any investment or securities,” the SEC said.
Soliciting investments requires a secondary license from the commission, where the investment products and securities must also be registered before they are presented for sale to the public.
The commission warned people acting as salesmen, brokers, dealers or agents of AIG who convince people to investment in the firm, including those through the internet, that they may be prosecuted and held criminally liable under the Securities Regulation Code. This entails a fine of up to P5 million or up to 21 years in prison, or both.
People who merely invite or recruit other people to join may also be held liable or sanctioned accordingly.
“In view thereof, the public is hereby advised to exercise caution before investing in these kinds of activities and to take the necessary precaution in dealing with Angel Investor Group, Inc. or its representatives,” the SEC said.
The SEC has constantly been sending out advisories against illegal entities inviting people to invest, remind the public that if an investment is too good to be true, it most probably is.
The commission has previously warned the public against investing in entities named Orro Platta Manna Corp., Bioglow Laundry Shop, Kapa Community Ministry International, Inc., and Bibli Online Store, among others. — Arra B. Francia