The Securities and Exchange Commission (SEC) has filed 87 advisories against groups and individuals soliciting investments from the public without license since the year started.
A total of 126 and 50 advisories meanwhile were issued in 2020 and 2019, respectively.
“The Commission has also issued four cease-and-desist orders against 15 groups and individuals for their unauthorized investment-taking activities during the same period,” the SEC said.
The SEC currently has 48 cases pending in court for violations of Republic Act No. 8799, or The Securities Regulation Code (SRC). So far, a total of 187 individuals have been charged with violations of the SRC, with the SEC securing 17 judgments of convictions against 19 individuals meted with a total of imprisonment of 572 years and a total fine of P25 million imposed by various courts.
The SEC encouraged investors to be smart in their investing decisions and should always refer to the International Organization of Securities Commission’s guidelines to protect their hard-earned money and avoid fraudulent entities.
