SEC shuts down crypto-themed investment scam
The Securities and Exchange Commission (SEC) has ordered the Asrazion Group to shut down its illegal cryptocurrency-themed investment scam.
The SEC issued a cease and desist order against Astrazion Noble Task Community Foundation, Astrazion Global Holdings Philippines Inc. and Astrazion International via an order dated May 12 of this year.
He said the companies were engaging in “unlawful/unauthorized solicitation, offering and/or sale of securities until they have filed the required registration statement and obtained the necessary approval from the DRY”.
The SEC said its Enforcement and Investor Protection Department discovered that Astrazion was operating an online multi-level marketing platform promoting the sale of a digital currency token. , AZNT, and encouraging buyers to invest for a chance to earn significant returns.
Investors were promised that the digital tokens would also be listed on reputable exchanges.
“The group was found to offer seven packages with guaranteed returns of 3% per day,” the SEC said.
The $100 starter package could earn $300 in 100 days, while the double-platinum package guarantees $30,000 over the same period from an initial investment of $10,000, the agency added. .
The SEC added that Astrazion Group had also promised investors “residual income and direct distribution of referral income.”
Unregistered sales
Payments will then be released through the Coins.ph mobile app.
“The scheme involves the sale and offering of securities to the public in the form of investment contracts, whereby a person invests his money in a joint venture and is made to expect profits primarily from the efforts of others, according to the SEC,” the SEC said. noted corporate regulator.
While Astrazion Global and Astrazion Foundation were duly registered companies, they did not obtain the secondary license necessary to trade securities for public offerings.
Meanwhile, Asrazion International is not registered with the SEC as a corporation, partnership, or sole proprietorship.
The Astrazion Group, its operators, directors and officers named in the SEC order were Napoleon dela Cruz Visperas, Remus Pedroso Salgado, Joan Ganancial, Rolando Cadelario Oso, Francisco Gadayan Baladjay, Jr., Pierre Martin Reyes, Esther Weigand and Carol Joy Balbuena Visperes.
The SEC first issued an advisory against the Asrazion Group as early as February 3 this year.
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