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Hasmadai barred from soliciting investments
The Philippine Star
|December 22, 2024
The Securities and Exchange Commission (SEC) has ordered the Hasmadai Group to permanently stop from conducting unauthorized investment solicitation activities.
In a resolution dated Dec. 3, the commission en banc affirmed the issuance of the cease and desist order against the Hasmadai Group, denying the company's motion to lift the CDO.
Through the resolution, the SEC made permanent the cease and desist order against Humanitarian and Spiritual Mission Apostulates of Davao and Asia Inc., Hasmadai Foundation Inc. and Humanitarian Institute of Technology Corp. for their unauthorized solicitation of investments.
A CDO against Hasmadai Group was issued by the SEC last May after it found the group to be soliciting investments from the public through several branches in the CARAGA Region without the necessary license from the commission.
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