The Philippine Securities and Exchange Commission issued a cease and desist order against Fortune Wave Solution Hub OPC, Fortune Wave Trading, Fortune Wave Trading PH and certain individuals for the unauthorised solicitation of investments and the offering or sale of unregistered securities in the form of investment contracts without the required licence. In an order dated 3 July, the SEC Commission En Banc directed the Fortune Wave group to immediately stop offering or selling investment contracts. The order also covers named individuals Guiller King Ortile, Jasmine Nicole Bautista and Rafaella Marie Castillo, as well as the group’s owners, agents, representatives, salesmen, uplines, promoters, influencers, enablers, conduit entities, subsidiaries and others acting on their behalf. The SEC’s Enforcement and Investor Protection Department found the group marketed “daily plans” on Facebook ranging from PHP 1,000 to PHP 500,000, promising returns from 3% to 330% and a 100% money-back guarantee. SEC records showed the entities had no secondary licence to operate as a broker or dealer and were not a registered issuer of securities or mutual funds, including exchange traded funds.

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