The Securities and Exchange Commission (SEC) has revoked the certificate of registration of KOEN Solutions OPC due to its continued engagement in unauthorized investment-taking activities.
KOEN is a one person corporation registered with the SEC with the primary purpose of engaging in the business of information technology products and services.
Last September, the SEC issued an advisory warning the public against KOEN, saying that it is not have a license to sell securities and solicit investments.
Despite the advisory, however, the SEC found that KOEN continued to solicit investments and even advertising that it already submitted documents required for the application of secondary license to the commission.
This led to the issuance of a show cause order by the SEC against the entity its sole director-stockholder-president,Rafael Albin Nepomuceno Khoe, back in Oct. 10.
The SEC said it was able to receive a motion from KOEN denying that it is engaged in any form of investment scheme or unauthorized solicitation of money from the public.
“After a careful evaluation of the above arguments, it is our position that nothing has been presented by KOEN SOLUTIONS OPC that will justify the lifting of the advisories against the said entity,” the SEC ruled.