The Securities and Exchange Commission (SEC) has ordered Unity Premier Business Group to stop illegal solicitation of investments in the guise of its supposed beauty product business.
In an order dated August 16, the Commission en bnnc directed the company, which also operates under the name UnityPremier Beauty and Wellness Products Trading, to immediately cease and desist from engaging in the unlawful or unauthorized solicitation, offer, and/or sale of securities in the form of investment contracts without the necessary license from the SEC.
The CDO covers Unity Premier’s CEO and sole stockholder Minerva Aganan Lorilla, nominee and treasurer Renalyn A. Lorilla, and alternate nominee Leonilda L. Bandojo, as well as its operators, promoters, representatives, salesmen, and influencers.
The company and its officers have likewise been ordered to cease their internet presence relating to their investment scheme. They were further 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 issued the order after the SEC Enforcement and Investor Protection Department (EIPD) found that Unity Premier has been touting itself as a financial institution that can provide its members the opportunity to start their own e-commerce and affiliate platform and beauty product business.
Unity Premier was found to be offering investment packages worth P100 to P50,000 each, with promised returns ranging from P3.50 to P1,750 daily. Investors only needed to create an account through Unity Premier’s website and pay for the investment package of their choice.
Investors were also promised a 15 percent commission when they recruit more people into the system.
The scheme involves the sale and offer of securities to the public in the form of investment contracts, whereby a person invests his money in a common enterprise and is led to expect profits primarily from the efforts of others, according to the SEC.
While Unity Premier is a duly registered corporation with the Commission, it has never secured a secondary license as issuer of securities or broker dealer nor registered any securities for public offering pursuant to the SRC.
“It is clear from the facts and evidence presented that Unity Premier business model which promises high return of investments as high as 200% guaranteed return on investment is not sustainable, and can only be carried out as long as new investors continue to come in,” the SEC said.