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SEC revokes registration of One 1Key Progress Booster

Richmond Mercurio - The Philippine Star
SEC revokes registration of One 1Key Progress Booster
This undated file photo shows a building of the Securities and Exchange Commission.
Businessworld / SEC.GOV.PH

MANILA, Philippines — The Securities and Exchange Commission (SEC) has ordered for the revocation of the registration of One 1Key Progress Booster Inc. (OKPB) following its unauthorized solicitation activities.

A fine of P1 million was also imposed on OKPB for offering securities to the public without prior registration and license from the SEC.

An advisory against OKPB was issued by the SEC in December last year.

This came after the commission’s Zamboanga extension office in November last year received information about the existence of Power Apps, an entity operating just like Silverlion, a known investment scam in Zamboanga City.

After an investigation was conducted, the SEC found that the investment scheme of OKPB also operates to defraud investors as it deceives the investing public by making it appear that they have the authority to deal in securities.

The SEC said the articles of incorporation of the entity prohibits it to operate an investment-taking scheme.

Despite its advisory, the SEC said the entity did not pay attention and continued with its investment-taking activities.

As such, a show cause order was issued against the entity in February, directing the company to “show cause why its certificate of incorporation should not be revoked for serious misrepresentation as to what the corporation can do or is doing to the great prejudice of or damage to the general public and for committing fraud in the procurement of its certificate of incorporation.”

“Based on the information gathered by the commission, One 1Key is engaged in the offer and/or sale to the public of unregistered securities in the form of investment contracts, without the requisite registration duly issued and approved by the commission in violation of Section 8 of the Securities Regulation Code,” the SEC said.

“Time and again we have emphasized that the offering and sale of securities in the form of investment contracts using the Ponzi scheme is fraudulent and unsustainable and is not a registrable security. The commission will not issue a license to sell securities to the public to persons or entities that are engaged in this business or scheme,” it said.

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