THE SECURITIES and Exchange Commission (SEC) has ordered Wellcons Unlimited Systems, Inc. (Wellcons) to stop soliciting investments and take down its internet presence until it secures the proper permits, the agency’s Davao office said.

The SEC Davao Extension Office said it has validated that the company has been wooing investors within its area, which includes Davao Region, Soccsksargen Region (South Cotabato, Cotabato, Sultan Kudarat, Sarangani, and General Santos City), and Maguindanao province in the Bangsamoro region.

“While Wellcons’s principal office address is located in Valencia City, Bukidnon, the SEC Davao Extension Office has verified its operations within SEC-Davao’s Area of Responsibility,” the office said in a statement.

The cease-and-desist order, issued by the SEC head office on June 23, covers the company’s officers as well as “operators, promoters, representatives, salesmen, agents, investment team planners, mentors, enablers, influencers, assigns, conduit entities, subsidiaries, and any and all persons claiming and/or acting for and in their behalf.”

Their bank accounts and funds in any non-bank financial institution have also been ordered frozen.

SEC-Davao said Wellness has been illegally soliciting investments through its
Pangkabuhayan Program, which promises a “double-your-money scheme.”

Earlier this year, SEC already issued an advisory warning the public against the company. — MSJ

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