SEC Advisory vs Borrego, Cease and Desist vs Crowd1 Asia Pacific

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The Securities and Exchange Commission (SEC) issued an advisory against Borrego Solar Inc. and an investor alert against CROWD1 Asia Pacific, Inc., advising the public to “NOT TO INVEST or STOP INVESTING in any investment scheme being offered by any individual or group of persons” connected to the said entities.

What is the SEC Advisory against Borrego Solar Inc.

In a statement, the SEC said that Borrego Solar Inc. is offering investments through its website and an application available on Google Play Store.

Borrego Solar is said to give a cash bonus of P58.00 to users who will sign up through their mobile number, the cash bonus can then be used to buy the entity’s package.

The Commission also noted that users earn by purchasing any package and wait until the said “generation period” matures with a guarantee of zero loss.

Is Borrego Solar Inc Investment Legit or Not? The SEC argued otherwise.

According to the entity’s scheme, users can recharge through mobile wallets Gcash and to buy their package contract, and once the contract expires, a regional manager will send the profited money back to the user’s mobile wallet.

This scheme is tagged by the SEC as selling of securities to the public, thus, these securities are required to be registered to the Commission first.

“The public is hereby informed that BORREGO SOLAR INC. is not registered with the Commission either as a corporation or as a partnership. Further, it is NOT AUTHORIZED to solicit investments from the public since it has not secured prior registration and/or license from the Commission as prescribed under Sections 8 and 28 of the SRC,” the advisory reads.

What is the SEC Investor Alert Against CROWD1 Asia Pacific, Inc.

Meanwhile, in a different statement, the SEC said that CROWD1 Asia Pacific, Inc. is still continuing its operation and activities despite the Permanent Cease and Desist Order (CDO) issued by the Commission.

CROWD1 is known for being engaged in investment-taking activity by offering the following membership packages: White Package worth PhP6,000.00; Black Package worth PhP18,000.00; Gold Package worth PhP48,000.00; and Titanium Package worth PhP150,000.00.

The entity is also promising high monetary rewards or profits for the members who will invest in the said scheme. 

The SEC previously issued a cease and desist order or CDO last 2020 against the entity, but CROWD1 requested the order to be lifted.

However, the Commission rejected it and said that the CDO against CROWD1 has been rendered permanent as of July 2, 2020.

In addition, an Order of Revocation of the entity’s Certificate of Registration was also issued last September 2020.

SEC also issued last 2020 an Advisory against CROWD1 and its affiliated recruiter named Ronnie John Dohina Barrientos, a.k.a, Ronnie Barrientos.

“In this regard, the public is hereby WARNED and ADVISED to exercise extreme caution when approached by individuals or group of persons claiming to represent CROWD1 ASIA PACIFIC, INC. and NOT TO INVEST or STOP INVESTING their hard-earned money in CROWD1 ASIA PACIFIC, INC. and in any high-yield, high-risk investment scheme,” the advisory concluded.

Within this month, SEC also issued an advisory against Sengre and Leefire Limited.

Check out more SEC Advisories on BitPinas.

This article is published on BitPinas: SEC Advisory vs Borrego, Cease and Desist vs Crowd1 Asia Pacific

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Nath Cajuday

BitPinas is the oldest blockchain and cryptocurrency news outlet that covers the Philippine blockchain and crypto scene. We are also writing general and international blockchain topics that are relevant to our audience.