The Securities and Exchange Commission (SEC) has stopped two unauthorized investment schemes from taking in public funds, including one operating an online crypto-asset trading platform, as the regulator moves to protect investors from unregistered securities offerings.

In separate cease-and-desist orders, the SEC Enforcement and Investor Protection Department (EIPD) directed Nego Food Solution Corp. and Uptrade Alliance to immediately stop selling or offering unregistered securities without the required registration and licenses.

The orders also cover the entities’ officers, representatives, dealers, and other persons acting on their behalf. The order against Nego Food Solution specifically covers Noel B. Andres, Marko/Mark Marquez, and Celyn/Jocelyn Manzanero.

The SEC also barred both entities from transacting business involving funds held in their depository banks and from transferring, disposing of, or conveying assets under their control.

The restrictions are intended to preserve the assets for the benefit of investors.

“Both entities were also directed to cease their internet presence relating to the transactions and investment scheme covered by the orders,” the SEC said on Tuesday.

An EIPD investigation found that Nego Food Solution and Uptrade Alliance had been soliciting investments from the public without the necessary licenses and authority from the SEC.

Uptrade Alliance is also not registered with the SEC as a corporation or partnership.

Under its scheme, Uptrade Alliance solicited investments ranging from P300 to P1,000, promising guaranteed returns of 12 percent after five days and as much as 60 percent after 15 days.

It also offered referral commissions ranging from three percent to five percent based on investments made by individuals referred by existing investors.

The SEC further found that Uptrade Alliance was operating an online platform facilitating crypto-asset trading activities.

Nego Food Solution, meanwhile, offered co-ownership agreements tied to the establishment and operation of food outlets.

Investors were asked to put in P849,000 in exchange for promised quarterly passive income.

Under Republic Act No. 8799, or the Securities Regulation Code, securities cannot be sold, offered, or distributed without a registration statement filed with and approved by the SEC.

The law also requires persons engaged in buying or selling securities to register with the Commission as brokers, dealers, or salespersons.

The SEC said the unauthorized investment schemes of Nego Food Solution and Uptrade Alliance also constitute investment fraud under Republic Act No. 11765, or the Financial Products and Services Consumer Protection Act.