The Securities and Exchange Commission has ordered AlphanetWorld Corporation, which has been doing business under the name NWorld, to stop soliciting investments from the public without the necessary license.
In an order issued Feb. 23, the Commission en banc directed AlphanetWorld to immediately cease and desist from engaging in the unlawful or unauthorized solicitation, offer and/or sale of securities until the requisite registration statement has been duly filed with and approved by the SEC.
AlphanetWorld President Juluis Allan C. Nolasco and its directors, stockholders, officers, representatives, salesmen, solicitors, agents, uplines, enablers and influencers were also ordered to cease their Internet presence in connection with their investment scheme.
The SEC likewise directed the company to stop from transacting any business involving funds in its depository banks and from transferring, disposing, or conveying any related assets to ensure the preservation of the assets for the benefit of investors.
The SEC issued the cease and desist order after finding AlphanetWorld has been selling and/or offering investment packages priced from P4,750 to P19,000 in exchange for NWorld products and a guaranteed monthly return of up to P127,000. Transactions are supposedly made through the company’s webpage.
Member-investors could also earn discounts of up to 30 percent every purchase of NWorld products, referral bonuses, and an additional P25,000 when they meet the 25 pairs of recruits.
The scheme involves the sale and offer of securities to the public in the form of investment contracts, in which a person invests in a common enterprise and is led to expect profits from the efforts of others.
Section 8 of Republic Act 8799, or the Securities Regulation Code provides that securities shall not be sold or offered for sale or distribution in the Philippines, without a registration statement duly filed with and approved by the SEC. – Press release
April 20, 2024
