The Securities and Exchange Commission (SEC) said Monday it revoked the corporate registration of Infinity8Networks Digital Services OPC for alleged illegal solicitation of investments from the public.
It said in a statement it also imposed an administrative fine of P1 million against the company for violating the provisions of the Securities Regulation Code which prohibit the sale of unregistered securities to the public.
Infinity8Networks allegedly earns through the skills in crypto trading by its founder Froilan Pediongco Flordeliza.
The SEC said while Infinity8Networks is registered as a one-person corporation with the SEC, it had not secured prior registration and/or license from the commission for the conduct of a public offering.
Its incorporation papers also expressly prohibit the company to conduct investment-taking activities.
As posted in its website, Infinity8Network is offering investments to the public with a minimal amount of P500 up to P500,000. per account. The SEC said that under the firm’s modus operandi, investors may earn 30 percent after 5 days, 500 percent after 40 days and 200 percent after 20 days.
An investor may also earn an additional income from your referrals, and promos that are included in the program.
The SEC said Infinity8Networks also violated Section 44 of Republic Act No. 11232, or the Revised Corporation Code of the Philippines (RCC), which provides that no corporation shall possess or exercise corporate powers other than those conferred by law or by its articles of incorporation (AOI).
The SEC, under PD 902-A, may suspend or revoke the certificate of registration of a corporation for serious misrepresentation as to what the corporation can do or is doing to the great prejudice of or damage to the general public.