SEC issues warning vs Angel Investor

MANILA, Philippines — The Securities and Exchange Commission (SEC) has  warned the public against Angel Investor Group Inc. which is involved in soliciting investments that can supposedly earn 100 percent return in just a month.

“The public is hereby informed that Angel Investor Group Inc. is registered with the commission as a corporation in the year 2000 but is not authorized to offer, solicit, sell or distribute any investment/securities,” the SEC said.

SEC reminded the company and the investing public that such activities require a secondary license from the commission and the securities or investment product should likewise be registered with SEC before they can be offered or sold to the public under Sections 8 and 12 of the Securities Regulation Code (SRC).

It also warned those soliciting investments on behalf of the company.

“Consequently, those who act as salesmen, brokers, dealers or agents of Angel Investor Group Inc. in selling or convincing people to invest in the investment scheme including solicitations or recruitment through the internet may likewise be prosecuted and held criminally liable under Section 28 of the SRC,” it said.

Penalties can be a maximum fine of P5 million or 21 years imprisonment or both pursuant to Section 73 of the SRC.

As an added precaution, the names of all those involved will be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed.

“In view thereof, the public is hereby advised to exercise caution before investing in these kinds of activities and to take the necessary precaution in dealing with Angel Investor Group. or its representatives,” it said.