Another ponzi scammer falls

The Securities and Exchange Commission (SEC) has warned the public against transacting with Ecomamoni Environmental Recyclable Materials Manufacturing Inc. whose corporate registration was canceled due to illegal schemes. 

The SEC Enforcement and Investor Protection Department, in a 25 February order, revoked Ecomamoni’s certificate of incorporation for violating several provisions of the Revised Corporation Code, the Securities Regulation Code, and the Financial Products and Services Consumer Protection Act.

Ecomamoni was also fined P1 million for offering securities to the public without prior registration. The company and its incorporators were further ordered to pay the same amount in administrative sanctions under the Securities Regulation Code.

The company had been offering investment opportunities through its recycling plans, promising daily profits for participants. 

Game-style ops

Investors were encouraged to press the start button on their selected plans to receive returns. Additionally, a “Longterm Platform” was promoted, offering monetary rewards for completing tasks.

The SEC had previously issued an advisory against Ecomamoni in November 2024, warning the public that it was not a registered entity and lacked the necessary license to solicit investments. 

Despite this, Ecomamoni registered as a corporation in December 2024 but was still prohibited from soliciting investments.