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Friday, March 29, 2024

SEC revokes registration of Immensity and SCET

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The Securities and Exchange Commission said Friday it revoked the business registration of Immensity Technology Inc. and Cebu-based SCET Colleens Corp. for allegedly soliciting investments from the public illegally.

It said in separate orders posted on its website the illegal activities of the two firms could do serious damage to the public, which is a ground for revocation of their certificates of registration under Presidential Decree 902-A.

The SEC said that based on its investigation, SCET Colleens was found offering unregistered securities to the public in the form of investment packages with a promise return of investment of 5 percent to 8 percent a month.

“Undoubtedly the scheme of SCET involves offering and sale of securities, in the form of investment contracts, to the public because its investors are deemed investing in its enterprise and are led to expect profits therefrom even without doing anything,” the SEC said.

The SEC said it also revoked the license of Immensity Technology, a company that is supposed to engage in computer software and internet technology, but was found soliciting investments from the public.

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