The Securities and Exchange Commission (SEC) has ordered Sophia Francisco Holding OPC and BeastnessAllDay Corp. to stop soliciting investments from the public as they have no license. Know more:
The Securities and Exchange Commission has ordered Sophia Francisco Holding OPC and BeastnessAllDay Corp. to stop soliciting investments from the public as they have no license.
The group was also ordered to cease its internet presence relating to its 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.
While the Sophia Francisco is registered as a one-person corporation with the SEC, it has not been issued a secondary license that would authorize it to solicit investments from the public, nor does the group have a pending application for such license. “The products and business are however all a sham, and are utilized to entice the public to part with their hard-earned money,” the EIPD said.
The investment schemes of BeastnessAllDay and Sophia Francisco Group both involve 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.
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