MANILA, Philippines - The Securities and Exchange Commission (SEC), the country’s corporate regulator, is warning the public against conducting business with three companies operating without necessary licenses.
In a public notice, the corporate watchdog said 410 Business Empire Inc. is illegally selling consumer products, while Asian Precious Metals Inc. (APMI) and Advanced Recovery System Inc. (ARSI) are not registered issuer of securities.
“Per SEC findings, 410 Business has been engaging in the distribution and sale of consumer products through networking or multi-level marketing,†the agency said. The operation is outside its registered purpose as a holding company.
The Food and Drug Administration (FDA) also certified that 410 Business “has not been issued a license to operate either as a food, cosmetic, household or hazardous substance manufacturer or distributor, and the said company has no pending application for a license to operate,†SEC said.
For its part, APMI and ARSI, based on a recent publication on its website (http://ventures7000.com/company), said they offer an investment scheme with Wycliff Trust and Ventures 7000.com wherein profits are derived from the recovery of hidden treasures.
“The same corporations were reportedly engaged in the solicitation of investments using documents entitled Revenue Sharing Agreement with supporting promissory note in the US,†SEC said.
However, the corporate regulator said its Corporate Governance and Finance Department, and the Markets and Securities Regulation Department issued certifications early this year clarifying that APMI and ARSI are not registered issuer of securities.
SEC said it also secured certification from the National Museum stating that ARSI filed an application for treasure hunting but no permit has been issued.