The Securities and Exchange Commission (SEC) has taken action against two corporations for unlawfully soliciting investments from the public.
SEC has revoked the registration of SCET Colleens Corp. and Immensity Technology Inc.
SCET Colleens operates in the retail and wholesale trading of beauty products, while Immensity is involved in the development of computer software, internet technologies, and computer communication networks.
Both companies engaged in investment-taking activities without obtaining the necessary licenses.
SCET not only promised guaranteed returns on investments but also circulated a fraudulent certification claiming secondary license from the SEC to attract investments.
Meanwhile, Immensity, doing business as Saga AI, unlawfully offered and sold securities in the form of investment contracts to the public, leading investors to expect returns without any corresponding effort.
Additionally, Immensity committed fraud by supplying false information when procuring its certificate of incorporation, a ground for revocation of registration.
The SEC’s actions against SCET and Immensity serve as a warning to the public to exercise caution when investing their money and to verify the legitimacy of companies offering investment opportunities.
The corporate watchdog remains committed to promoting transparency and fairness in securities markets and safeguarding the interests of investors.