The Securities and Exchange Commission (SEC) has ordered the revocation of the certificate of incorporation of Phil Maritime and Ocean Institute of Technology Inc. (PMOIT).
PMOIT was issued a certificate of registration by the SEC in March last year, provided that it “shall not solicit or accept investments from the public nor issue investment contracts.”
The company’s primary purpose in its articles of incorporation is to deliver quality education from nursery, kindergarten, elementary, secondary, college up to training and assessment to all aspiring seafarers for maritime courses.
Last August, however, the SEC found that PMOIT is enticing the public to invest and be a venture capitalist of Phil Maritime and Ocean Institute of Technology, a school located in Calamba, Laguna.
For a minimum capital of P350,000, investors are guaranteed a 60/40 sharing on profits, a potential annual income of at least P206,000, or quarterly income of at least P51,000, and a return of investment within a period of two years.
Given that PMOIT is not authorized to solicit investments from the public as it did not secure prior registration and/or license from the commission,
Last October 7, the SEC issued an advisory warning the public against investing in PMOIT as it was taking investments from the public without prior registration or license.
“The scheme being offered by Phil Maritime and Ocean Institute of Technology is clearly in the nature of a Ponzi scheme where the profits or payouts shall be taken from incoming investors or additional pay-ins of existing members-investors, considering that it does not have any underlying legitimate business from where it could source its promised return on investments to its investors,” the SEC said.
“Considering that nowhere is it stated in its primary purpose that Phil Maritime and Ocean Institute of Technology Inc. is authorized to engage in the selling or offering for sale of securities to the public, the activity of Phil Maritime and Ocean Institute of Technology Inc. of selling or offering for sale of investments is considered an ultra vires act and therefore constitute serious misrepresentation,” it added.