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SEC cracks down on Infinity8Networks for illicit investment activities

The Securities and Exchange Commission (SEC) has issued a cease and desist order against Infinity8Networks Digital Services OPC and affiliated entities, citing illicit solicitation of investments from the public.

In a directive dated January 16, the Commission en banc mandated Infinity8Networks to immediately halt unlawful solicitation, offering, and/or sale of securities without the requisite SEC license.

The SEC further enjoined Infinity8Networks from conducting any financial transactions in its depository banks and from transferring, disposing, or conveying related assets, ensuring the safeguarding of investor assets.

The order covers key figures within Infinity8Networks, including its single stockholder, director, and president, Franco Delacruz Flordeliza, as well as other officers, operators, and affiliates acting on its behalf.

Infinity8Networks had offered investment plans, ranging from P500 to P5 million, promising returns of 30% in five days to 500% in 40 days. Additional income of 5% for referrals was also pledged.

SEC records showed the registration of Infinity8Networks Digital Services OPC as a one-person corporation, which, however, failed to register securities for public offering or obtain a secondary license to deal in securities.

The SEC had previously cautioned the public against investing in Infinity8Networks as of November 13, 2023, followed by an advisory from the EIPD ordering the payment of a P1 million fine and the revocation of its corporate registration in December.

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