THE Securities and Exchange Commission has secured the conviction of incorporators of Prosperous Infinite Holdings Phils. Corp. , the operator of Emgoldex Philippines, for soliciting investments from the public without necessary license from the agency.
Manuit and Calicdan were sentenced to imprisonment of up to 10 years, and to pay a fine of P500,000 each. The case stemmed from the agency’s investigation of Emgoldex Philippines, which was found to be engaged in the online solicitation of investments through investment contracts without the necessary approvals from the SEC.
The agency issued a cease and desist order against Emgoldex, where Manuit and Calicdan were found to be among the operators. Emgoldex later changed its business name to Global Intergold, then to PIPHC and continued its illegal solicitation activities.