THE Securities and Exchange Commission (SEC) said it has made permanent the cease and desist order against HASMADAI Group and its subsidiaries for illegal solicitation of investments.
The SEC said in a statement on December 20 said it denied the group’s motion to lift the CDO issued in May.
The group was found to be soliciting investments from the public through its subsidiaries
Humanitarian and Spiritual Mission Apostulates of Davao and HASMADAI Group Asia, Inc.; HASMADAI Foundation, Inc. and; Humanitarian Institute of Technology Corp. in the CARAGA Region, without license from the SEC.
SEC said the three companies solicit donations ranging from P5,000 to P20,000, with the donor guaranteed to get a monthly “missionary allowance” equivalent to 27 percent to 34 percent of the donation.
A donor of P5,000 is guaranteed to receive P8,100 over a six-month period, while a donor of P20,000 will get more than twice the amount at P41,4000.
