MANILA, Philippines — The Securities and Exchange Commission (SEC) has ordered Casa Infini Builders and Realty Co. Ltd., Ray Education Directions Consultancy Services, and their affiliated entities to cease operations and stop soliciting investments from the public in the guise of real estate-related investments in Baguio.
According to the SEC, the operations of these groups have the characteristics of a Ponzi scheme, as they promise exorbitant returns with little or no risk to investors.
In an order dated June 8, the SEC ordered Casa Infini Builders and Realty, Ray Education, Casa Infini Realty Management Co. Ltd. and Ray International Philippines Corp.. to stop offering and selling investments to the public without the necessary license.
The SEC said these entities are doing business under the names Ray Education Directions Consultancy Services, Be Unrivaled Productions, Sine Cordillera, and Casa Infini Properties and Development Corp.
Furthermore, the SEC prohibited the individuals behind the different entities from transacting with their depository banks, and from transferring, disposing, or conveying any related assets to ensure the preservation of the assets of the investors.
The order was issued after the SEC Enforcement and Investor Protection Department (EIPD) found that the Casa Infini Group and their officers and incorporators have been actively offering or selling unregistered securities in the form of investment contracts to the public.
The groups were found to have enticed the public to invest in their alleged real estate projects in Baguio City either as a buyer-investor or partner financier.
According to the SEC, investments collected from buyer-investors will supposedly finance the real properties claimed to be owned, managed, and operated by the Casa Infini Group.
Through the projects’ value appreciation, investors were promised a guaranteed income of more than P33,000 per month for 20 months, according to the SEC.