The Philippine Securities and Exchange Commission issued cease and desist orders against Nego Food Solution Corp. and Uptrade Alliance for soliciting public investments without registering the securities or obtaining the required licenses. The orders require the entities and persons acting for them to stop offering the investment contracts, cease related online activities and refrain from transactions involving funds in depository banks or transfers of assets under their control. Nego Food Solution offered co-ownership interests in food outlets for PHP 849,000 with promised quarterly passive income. Uptrade Alliance, which is not registered as a corporation or partnership, offered returns of 12% after five days and up to 60% after 15 days on investments of PHP 300 to PHP 1,000, alongside referral commissions and an online crypto asset trading platform. The SEC classified both unauthorized schemes as investment fraud under the Financial Products and Services Consumer Protection Act.

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