Upgrade to High-Speed Internet for only ₱1499/month!
Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.
Visit Suniway.ph to learn
BW FILE PHOTOTHE SECURITIES and Exchange Commission (SEC) has filed a criminal complaint against New Seataoo Corp. and Seataoo Information Technology One Person Corp. (Seataoo OPC) for soliciting investments without the required license.
The complaint, which also covers the entities’ officers, was filed before the Department of Justice on Jan. 16, the corporate regulator said in an e-mailed statement over the weekend.
The SEC said that Seataoo Group was found offering securities in the form of investment contracts through a “dropshipping e-commerce platform” scheme.
Investors are encouraged to become online sellers on the group’s platform, with a requirement to deposit money for order processing.
The group promises returns of 7% to 12% on the invested amount. It also offers an affiliate program where existing investors or online sellers earn a 3% referral commission.
“This scheme affirms that the deposited funds are, in reality, investments, as they are not limited to transactional payments directly tied to specific purchases. In fact, complainants are demanding the return of their investments plus profits,” the SEC said.
“This mandatory funding of individual accounts required of Seataoo’s members and online sellers is a device used by Seataoo to mask its offer and sale of unregistered securities, thereby obtaining investments from the public without securing the requisite license from the commission,” it added.
In June last year, the SEC revoked the certificates of registration of New Seataoo Corp. and Seataoo Information Technology OPC for violating the Revised Corporation Code, the Securities Regulation Code, and the Financial Products and Services Consumer Protection Act, among others.
In December, the commission en banc denied the appeal filed by New Seataoo Corp. and Seataoo Information Technology OPC against the revocation order for lack of merit.
BusinessWorld sought comment from Seataoo via e-mail but has yet to receive a response as of the deadline. — Revin Mikhael D. Ochave
