The Securities and Exchange Commission (SEC) said Tuesday it filed criminal complaints against four groups allegedly found to be illegally soliciting investments from the public.
It said in a statement it filed the 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 also implicated the respective incorporators and officers of the entities in the complaints filed with the Department of Justice.
The SRC prohibits the sale or distribution of securities without a registration duly filed and approved by the SEC.
Persons found guilty of the provisions of the SRC face a fine of up to P5 million, or imprisonment of up to 21 years, or both.
The SEC said Bear Mountain was found to be offering investments with a guaranteed monthly income of up to 30 percent of the amount invested in three years. Beyond Skin Care Ventures, doing business under the name Dermacare Face Body and Laser Center, allegedly enticed the public to invest in its franchise partnership agreement for a promise of receiving a guaranteed return equivalent to 12.6 percent interest every quarter for a period of five years, with complimentary salon services, it said.
Great 4 International Marketing Corp., operating under the business name and style Home Organic Wellness, disseminated to the public leaflets, brochures and marketing paraphernalia offering a guaranteed monthly income equal to 14.4 percent of the amount invested in 18 months, the SEC said.
The SEC said the group also used a marketing scheme for selling motorcycles to incentivize and lure more investors to participate and join its programs.
The SEC said it found SCET Colleens Corp. to be offering investments ranging from P3,800 to P1.08 million, with a return on investment supposedly from 5 percent to 8 percent per month.
All four corporations were registered with the SEC as corporations, but none of them had secured the necessary secondary license that would allow them to sell securities to the public, according to the regulator.
