The Securities and Exchange Commission (SEC) has ordered PU Prime and the Fortune Wave group to stop illegally soliciting investments from the public.
In separate cease and desist orders, the SEC said both entities were offering unregistered securities and lacked the required licenses to operate as brokers or dealers.
The order against PU Prime — formally Pacific Union LLC, PU Prime Philippines, and PU Prime Support PH — was issued on 19 June. It also covers individuals Martin David Adorable, Jerico Matela, Janelle Crystal Gayle M. Alipio, Janna Deloeste, Tiffany Deloeste, and April Anne Castillo a.k.a. April Castillo, along with the firm’s agents, influencers, and other representatives.
The SEC found that PU Prime was offering high-risk trading services, including futures and contracts for difference (CFDs), without being registered. Investors were asked to put in $50 to $10,000, with promises of 10 percent monthly returns and a 100 percent deposit bonus.
The second order, issued on 3 July, was against Fortune Wave Solution Hub OPC, Fortune Wave Trading, and Fortune Wave Trading PH. It also named individuals Guiller King Ortile, Jasmine Nicole Bautista, and Rafaella Marie Castillo.
According to the SEC, Fortune Wave promoted investment plans on Facebook ranging from P1,000 to P500,000, offering returns of up to 330 percent and a 100 percent money-back guarantee. The group also had no license or registration to sell securities.
“(T)his Commission finds that the issuance of the CDO against PU Prime and its agents is warranted to protect the investing public from investing in unregistered securities which have not complied with the minimum regulatory requirements prescribed by law, rules and regulations,” the SEC said.
It issued a similar warning in the Fortune Wave order, noting the same violations of the Securities Regulation Code.
“This, to our mind, exposes the investing public to the risk of sustaining loss, damage, irreparable injury or prejudice, which this Commission is mandated to prevent at the onset,” the SEC added.