The Securities and Exchange Commission warned the public against dealing with two investment firms, which are not authorized to solicit investments.
The SEC said in separate advisories Alabel-Maasim Small Scale Mining Cooperative and DV Boer Farm Corp. (DV Boer) were not licensed to solicit investments nor sell securities to the public.
The SEC said Almamico/Alamcco was enticing the public to become their member through an investment opportunity. The scheme offers a 35-percent interest per month of the invested money, a promised interest rate that is too high to sustain their claims that every member will receive as long as the cooperative operates.
The SEC said Almamico/Alamcco was neither registered as a corporation nor as a partnership with corporate regulator.
The SEC, meanwhile, said DV Boer did not secure a secondary license that enabled to it to sell securities to the public.