What is the latest SEC advisory on ORGANICO AGRIBUSINESS VENTURES CORPORATION?
The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on ORGANICO AGRIBUSINESS VENTURES CORPORATION, warning the public of the individuals and groups involved in such activities. The advisory defines the activities behind the scheme, and advises the public not to invest or stop investing in any investment scheme offered by the said company. Furthermore, SEC ordered the company and its officers or representatives to cease and desist from further engaging in activities of selling or offering sales of securities and investment contracts until the required registration is duly filled and approved by the Commission.
In support of this view, Coins.ph does not endorse or is affiliated in any way with such activities or products. Moreover, we have a zero tolerance policy on fraudulent activities and potentially scamming practices. In a separate article, we have enumerated tips on how you can avoid investment schemes and other online scams. We urge our customers to be extra diligent with their funds and to act within our User Agreement.
The Commission has received information that individuals or group of persons representing ORGANICO AGRIBUSINESS VENTURES CORPORATION (“ORGANICO”) are enticing the public to invest in the said entity online or through the internet.
Based on the information communicated and gathered by the Commission, ORGANICO is engaged in soliciting investment wherein an investor must invest at least 10 shares, one (1) share costs Php1,800.00, and for every share an investor gets Php450.00 every 15 days for a total of Php2,700.00 in 3 months.
Allegedly, the money invested will be used to fund the company’s diverse businesses which includes: organic farming, organic poultry, organic piggery, restaurant serving organic food, telemarketing, music studio and construction and eventually, an organic meat shop.
Another investment scheme is the 90-day investment, where for every Php3,600.00 invested, one piglet is raised and sold after 3 months and the investor gets his money back with profit for a total of Php7,000.00.
The public is hereby informed that ORGANICO AGRIBUSINESS VENTURES CORPORATION is NOT registered with the Commission as a corporation nor as a partnership under the Corporation Code of the Philippines and is NOT authorized to offer, solicit, sell or distribute any investment/securities. Such activities require a Secondary License from the Commission and the securities or investment product should likewise be registered with SEC before they can be offered or sold to the public under Sections 8 and 12 of the Securities Regulation Code (SRC).
Consequently, those who act as salesmen, brokers, dealers or agents of ORGANICO AGRIBUSINESS VENTURES CORPORATION in selling or convincing people to invest in the investment scheme including solicitations or recruitment through the internet may likewise be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code and penalized with a maximum fine of Five Million pesos (P5,000,000.00) or penalty of Twenty One (21) years imprisonment or both pursuant to Section 73 of the SRC.
Accordingly, those who invite or recruit other people to join or invest in this venture or offer contracts or securities to the public may be held liable or accordingly sanctioned or penalized in accordance with the Supreme Court decision in the case of SEC vs. Oudine Santos (G.R. No. 195542, March 19, 2014).
Furthermore, the names of all those involved will be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed.
In view thereof, the public is hereby advised to exercise caution before investing in these kinds of activities and to take the necessary precaution in dealing with ORGANICO AGRIBUSINESS VENTURES CORPORATION or its representatives.
Should you have any information regarding the operation of the subject entity, please call the Enforcement and Investor Protection Department at telephone numbers 818-6047.
For guidance of the public.