The Securities and Exchange Commission (SEC) has ordered PawisngPinoy Online Investment to stop soliciting investments from the public through a non-existent product distribution, real estate and jewelry business.
It has formally issued an order for PawisngPinoy to “immediately cease and desist from engaging in the unlawful or unauthorized solicitation, offer and/or sale of securities without the necessary license and approval from the SEC.”
The SEC also directedPawisngPinoy and its owners, operators, representatives, agents and promoters to cease their internet presence.
“They were likewise prohibited from transacting any business involving funds in its depository banks, and from transferring, disposing, or conveying any related assets to ensure the preservation of the assets of the investors,” the SEC said.
