DAVAO CITY—The Securities and Exchange Commission (SEC) clamped down on another suspected get-rich-quick scheme by a local business firm that didn’t have the necessary government license to operate on investment securities.
In its order dated December 31 last year, the SEC revoked the Certificate of Registration and/or Incorporation of Massdrop Marketing and Franchising OPC (Massdrop Marketing) and MDM Ventures Corp. (MDM Ventures). Both firms are headed by an Edgar Joseph Tan, a Renato A. Sismundo Jr., an Eduardo B. Mallari Jr. and a Roel B. Duya.
The SEC’s Enforcement and Investor Protection Department (EIPD) said it found Massdrop Marketing and MDM Ventures “to have violated Section 44 of the Revised Corporation Code of the Philippines in reclamation to Presidential Decree 902A for serious misrepresentation as to what the corporations can do to the great prejudice of or damage to the general public.”
It said Massdrop and MDM Ventures “enticed the public to invest online or through the Internet to become a member thereof with a minimum investment of P1,000 with a guaranteed monthly return of 20 percent for 90 days or for a total of 60-percent income in just three months.”
It said a member shall only need to invest, “wait, and earn without having to do anything.”
The SEC said both corporations have not registered any securities pursuant to the provisions of the Securities Regulation Code that would allow it to offer and sell securities…
