The Securities and Exchange Commission (SEC) is warning the public against dealing with Bagong Bansang Maharlika (BBM) International Inc., a group whose corporate registration has been revoked due to illegal solicitation of investments.
The SEC said it has revoked the registration of BBM International since November last year due to its collection of membership fees from residents of various local communities, promising to provide food security, free education and hospitalization, cash assistance, and livelihood to all Filipinos aged one year and above worldwide.
The group, however, has maintained its operations in certain parts of Visayas and Mindanao, the SEC noted.
BBM International has also used the image of President Marcos as part of its marketing materials, creating a false impression that its programs are legitimate and sanctioned by the current administration, added the SEC.
“BBM International’s actions are in violation of Section 44 of Republic Act (RA) No. 11232, or the Revised Corporation Code (RCC), which provides that no corporation shall possess or exercise corporate powers other than those conferred by the RCC or by its articles of incorporation,” the SEC said.
It said those who act as salesmen, brokers, dealers or agents, representatives and promoters of unauthorized investment activities may be held criminally liable under Section 11 of RA 11765, or the Financial Products and Services Consumer Protection Act, as well as under Section 28 of RA 8799, or the Securities Regulation Code, which are both penalized separately up to P5 million, or imprisonment of up to 21 years, or both.
