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HomeRegulationSEC Philippines Revokes The Registration Of MLM Fraud Scheme Operators!

SEC Philippines Revokes The Registration Of MLM Fraud Scheme Operators!

The Philippines Securities and Exchange Commission (SEC) has revoked the corporate registration of Astrazion Noble Task Community Foundation and Astrazion Global Holdings Philippines, Inc. In a statement, the regulator said the companies solicited investments from the public without the required license and through a fraudulent scheme.

In an order, the SEC’s Enforcement and Investor Protection Division (EIPD) revoked the certificates of incorporation of Astrazion Foundation and Astrazion Global for violating the Revised Corporation Code of the Philippines (RCC), the Securities Regulation Code (SRC), and Presidential Decree No. 902-A.

“It must be noted that obtaining primary registration with the Commission as a corporation is not a license or authority to solicit investments from the public as it only gives the corporation a legal personality and it can only operate within the scope of its purpose but does not authorize it to issue, sell or offer for sale securities or engage in investment activities that require prior registration and secondary license from the Commission,” the order said.

It added that securities generally could not be sold or offered for sale in the Philippines without such securities being registered with the Securities and Exchange Commission through the filing and subsequent approval of a registration statement and a corresponding authorization to offer/sale granted by the Commission.

Astrazion Foundation and Astrazion Global operated an online multi-level marketing platform where they actively promoted the sale of their digital currency called AZNT tokens for 10 cents per token.

The group offered seven packages to the public with guaranteed returns of 3% per day. The $100 starter package could bring in $300 in 100 days, while the double platinum package secured a whopping $30,000 within the same time frame with an initial investment of $10,000.

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