SEC Warns Public of Another Investment Scam
Sep 14, 2019 • 2 min Read
The Securities and Exchange Commission (SEC) warns the public against another investment scheme that it has sued in court for operating without the proper permits from the government.
The SEC filed criminal complaints against key officers of Organico Agribusiness Ventures Corporation (Organico) on September 10, 2019 before the Department of Justice (DOJ). SEC said the company is an investment company operating in various parts of the country that promised extremely high returns to its investors. Organico has been operating in Ormoc City, Leyte, Toril, Davao City, Cebu City, and Quezon City.
The Commission said Organico promises its investors a return of 66.67% after 90 days by merely investing their money.
Organico’s President, Cerrone Roial Posas, Corporate Finance Officer Marve Subere Posas, Corporate Secretary Anthony Butaslac, and members of the Board of Directors Renato Subong and Karen Maasin, were charged for violation of Sections 8.26.3 and 28 of Republic Act. No. 8799, otherwise known as the Securities Regulation Code (SRC). Also charged were Organico agents and representatives, Kathleen Hortesano, Rochelle Camacho and Annielyn O. Hilotin for acting as salesmen of Organico by directly offering and selling securities to the investing public.
SEC issued an advisory on May 21 warning the public that Organico doesn’t have the necessary permits and authorization to offer, sell or distribute any investment/securities. SEC also issued a Cease and Desist Order on May 28 against Organico from engaging in activities of selling and/or offering for sale securities in the form of investment contract. On May 31, SEC ordered the revocation of Organico’s Registration Certificate for what the SEC calls Organico’s “serious misrepresentation.” SEC was able to obtain search warrants on Organico’s offices from the Regional Trial Court Branch 20 of Manila on June 6. The PNP-CIDG and SEC raided the Organico’s branches on June 11.
Gilbert Francisco, Jr.
