The Securities and Exchange Commission (SEC) has issued a cease and desist order against Baguio-based entities found soliciting investments from the public in the guise of real estate related investments.
The Commission En Banc in a June 8 order directed Casa Infini Builders and Realty, Ray Education, Casa Infini Realty Management Co. Ltd., Ray International Philippines Corporation, doing business under the names Ray Education Directions Consultancy Services, Be Unrivaled Productions, and Sine Cordillera, and Casa Infini Properties and Development Corp. to stop offering and selling investments to the public without the necessary license from the SEC.
The order also covered all representatives, salesmen, solicitors, agents, uplines, enablers and influencer acting on behalf of the groups.
The groups were likewise directed to cease their internet presence relating to their investment schemes, and were prohibited from transacting any business involving funds in its depository banks, and from transferring, disposing, or conveying any related assets to ensure the preservation of the assets of the investors.
“The groups’ unauthorized investment-taking activities warrant the prompt issuance of a cease and desist order as it operates as a fraud to the public which, if unrestrained, will likely cause grave or irreparable injury or prejudice to the investing public,” the SEC said.
The order comes after the SEC Enforcement and Investor Protection Department found that the Casa Infini group and their officers and incorporators have been actively offering or selling unregistered securities in the form of investment contracts to the public.
According to the SEC, the groups have so far persuaded more than 600 investors to participate in their schemes, which involves enticing the public to invest in alleged real estate projects in Baguio City either as a buyer-investor or partner financier.