The Securities and Exchange Commission (SEC) has canceled the corporate registration of Astrazion Noble Task Community Foundation and Astrazion Global Holdings Philippines, Inc.
In a statement, the Commission said the firms have been soliciting investments from the public without the requisite license and through a fraudulent scheme.
In an order, the SEC Enforcement and Investor Protection Department (EIPD) revoked the certificates of incorporation of Astrazion Foundation and Astrazion Global for violation of the Revised Corporation Code of the Philippines (RCC), the Securities Regulation Code (SRC), and Presidential Decree No. 902-A.
“It must be noted that acquiring primary registration with the Commission as a corporation is not a license or authority to solicit investments from the public because it only grants juridical personality to the corporation and to operate within its purpose only but does not authorize it to issue, sell, or offer securities for sale nor to undertake investment activities which require prior registration and/or a secondary license from the Commission,” the order read.
It added that, “As a rule, securities cannot be sold or offered for sale within the Philippines without such securities being registered with the Securities and Exchange Commission through the filing and consequent approval of a Registration Statement and a corresponding Permit to Offer/Sell has been issued by the Commission.”
In the case of Astrazion…
