Advertisement PDAX Banner

Leaders of Illegal Investment Scheme Arrested in Baguio

Kelvin Lee - SEC Philippines
  • The SEC, along with local law enforcement, has halted illegal investment operations by Casa Infini Builders and Realty Co. Ltd., arresting 25 people.
  • Despite being a registered business, Casa Infini was unlicensed to solicit public investments for real estate projects in Baguio City.
  • This move is part of the SEC’s ongoing campaign against unauthorized lending and investment scams.

Editing by Nathaniel Cajuday

The Securities and Exchange Commission (SEC) has successfully stopped the operations of Casa Infini Builders and Realty Co. Ltd., along with its affiliated companies, after it was found illegally soliciting investments from the public.

SEC Joint Operation with the Police

The SEC’s Enforcement and Investor Protection Department (EIPD) served the cease and desist order to CASA Infinity during its “Real EsTea Talk” event in a hotel in Baguio City. Together with the Regional Anti-Cybercrime Unit Cordillera and the Baguio City Police, the operation led to the arrest of 25 individuals, including key player Jennylyn Floresca.

 The EIPD then filed criminal complaints against Floresca and other detainees for violations of the Securities and Regulation Code (SRC). This complaint led to them being indicted per resolution of the Baguio City prosecutor’s office.

Read more: List of relevant crypto regulations in the Philippines

What is Casa Infini?

Advertisement PDAX Banner

The SEC said Casa Infini has been enticing the public to invest in real estate projects in Baguio City. 

The group is promising a guaranteed monthly interest rate of 4.5% for 12 months or an impressive 54% per year. 

Casa Infini, however, lacked the license that would allow them to solicit investments from the public. This, despite the group being registered as a business.

In the “Real EsTea Talk” event, Casa Infini said they have persuaded 700 investors to participate in the scheme. The SEC and the operatives have witnessed 19 would-be investors placing funds amounting to hundreds of thousands into the scheme during the said event.

Floresca was already a subject of an earlier cease and desist order relating to casino junket financing operations. A junket operator acts as a facilitator to bring high-rolling gamblers to partner casinos.

SEC vs Investment Scams

The operation is part of the SEC’s ongoing campaign against unauthorized lending activities and investment scams.

As previously reported, SEC is currently prosecuting 375 individuals involved in similar illicit activities, including the executives of Rigen Marketing who were sentenced to imprisonment for their unsustainable and non-registered investment scheme.

SEC has also recently issued an advisory vs Crypto Hub Finance, which was offering 2% daily returns for 75 days, affiliate bonuses, cashbacks, all this without the necessary licenses from the Commission to pursue such activities.

This article is published on BitPinas: Leaders of Illegal Investment Scheme Arrested in Baguio

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.