SEC shuts down bogus investment companies

The Securities and Exchange Commission (SEC) in the Philippines has taken action against two investment firms for their unlawful activities. Nego Food Solution Corp. and Uptrade Alliance were ordered to cease their businesses after violating laws against unauthorized solicitation of the public. The SEC's Enforcement and Investor Protection Department (EIPD) found both companies to be selling unregistered securities as investment contracts to unsuspecting investors seeking guaranteed returns.

Uptrade Alliance, in particular, was operating without proper registration and was running a crypto trading platform without authority. The SEC also discovered that Uptrade Alliance was using referral commissions of up to five percent based on the capital referred by investors. Nego Food Solution, on the other hand, sold co-ownership deals in food outlets promising quarterly income.

The companies and individuals involved, including Noel Andres, Mark Marquez, and Jocelyn Manzanero, face potential legal consequences as their actions are considered fraudulent under the Financial Products and Services Consumer Protection Act.