Business Business News SEC says hold order on Aman Futures stays
SEC says hold order on Aman Futures stays
- Details
- Published on Wednesday, 17 October 2012 00:00
By A Web design Company
The Securities and Exchange Commission yesterday ordered Aman Futures Group Phils. Inc. to stop soliciting investments from the public.
Aman Futures claims to put the solicited money into commodities trading activities overseas. Aman Futures is said to offer a rate of return between 30-60 percent on investments lodged with them.
Soliciting such investments is required a regulatory license on the solicitor, said the SEC.
“Reports have reached the Securities and Exchange Commission (SEC) that news through E-mail and text messages have been circulating in Pagadian City, stating that Aman Futures Group Phils., Inc. has already been issued a secondary license by the SEC and that the company has been given clearance good for six (6) months which will allow it to operate,” the SEC said in a statem.
“The Commission wishes to clarify that it has not issued any secondary license to Aman Futures Group Phils., Inc. The Cease and Desist Order (CDO) issued by the Commission on 08 October 2012 still stands. This being the case, Aman Futures Group Phils. Inc., its officers, directors, agents, representatives, conduits, assigns, and any and all persons claiming and acting for and in behalf and under their authority are still prohibited , under pain of contempt, from offering, soliciting, or otherwise offering or selling unregistered securities to the public, such as, but not limited to, investment contracts, pooling of funds, investment trusts, or similar forms, and, in connection therewith, soliciting, accepting or receiving from others, money for the purpose of trading in any futures contract,” it added.
The SEC said the application by Aman’s unit Aman Investment Opportunities, Inc., remains “pending with the Commission and undergoing thorough evaluation in view of findings of violations under the Securities Regulation Code which prompted the Commission to issue the CDO.”
