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Investors beware: SEC cancels license of INFINITY8NETWORKS

The Securities and Exchange Commission (SEC) has revoked the certificate of incorporation of INFINITY8NETWORKS DIGITAL SERVICES OPC due to the company’s alleged involvement in investment-taking activities, where it made assurances of guaranteed returns on investment.

It imposed a fine of P1 million on INFINITY8NETWORKS for engaging in the offering of securities to the public without the necessary prior registration and license from the commission.

While INFINITY8NETWORKS’ articles of incorporation outline its primary purpose as operating, managing, and engaging in data processing, web hosting, and related activities, including providing internet infrastructure, the SEC’s investigation revealed a different reality. The company was found to be offering unregistered securities to the public, with investment amounts ranging from P500 to P500,000 per account.

Investors were enticed with promises of a 30 percent return after five days, 500 percent after 40 days, and 200 percent after 20 days.

The SEC emphasized that the Securities Regulation Code mandates the proper registration of securities offerings with the commission and requires corporations and their agents to possess the appropriate

registration and license for selling such securities to the public—credentials that INFINITY8NETWORKS lacked.

Despite an earlier advisory cautioning against its activities, INFINITY8NETWORKS persisted in its investment-taking pursuits, prompting the issuance of a show cause order by the SEC.

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