The Philippine Securities and Exchange Commission revoked the certificate of incorporation of Seek Explore Sports Association, Inc. after finding it offered securities to the public without the necessary approvals, and directed the entity to pay an administrative fine of PHP 1 million. A 12 December order by the SEC Enforcement and Investor Protection Department found violations of Section 44 of the Revised Corporation Code, in relation to Sections 8.1, 26 and 28.1 of the Securities Regulation Code, covering unauthorized public offerings, unregistered securities dealing and fraudulent securities transactions. The investigation identified offers of unregistered securities priced from PHP 500 to PHP 140,000, with advertised earnings from PHP 30 after three days to as much as PHP 1.79 million after 150 days, depending on the plan, and commissions of up to 17 percent. The SEC said the activities resembled a Ponzi scheme and cited the use of agents or representatives to make public presentations and solicit investments through social media as part of the unauthorized offering, adding that Ponzi scheme “investment contracts” are not registrable securities and the SEC will not issue a License to Sell Securities to the Public to entities engaged in such schemes.
Philippine Securities and Exchange Commission 2025-12-30
Philippine Securities and Exchange Commission revokes Seek Explore Sports Association’s incorporation over unregistered securities offering and orders PHP 1 million fine
The Philippine SEC revoked Seek Explore Sports Association, Inc.'s incorporation for offering securities without approval and fined it PHP 1 million. Violations of the Revised Corporation Code and Securities Regulation Code were found, with unregistered offerings resembling a Ponzi scheme. The entity used agents and social media for unauthorized solicitations, promising returns up to PHP 1.79 million.