The Securities and Exchange Commission (SEC) has issued a Cease and Desist Order (CDO) against three entities collectively known as HASMADAI:
- 𝐇𝐀𝐒𝐌𝐀𝐃𝐀𝐈 𝐅𝐨𝐮𝐧𝐝𝐚𝐭𝐢𝐨𝐧, 𝐈𝐧𝐜.
- 𝐇𝐮𝐦𝐚𝐧𝐢𝐭𝐚𝐫𝐢𝐚𝐧 𝐚𝐧𝐝 𝐒𝐩𝐢𝐫𝐢𝐭𝐮𝐚𝐥 𝐌𝐢𝐬𝐬𝐢𝐨𝐧 𝐀𝐩𝐨𝐬𝐭𝐮𝐥𝐚𝐭𝐞𝐬 𝐨𝐟 𝐃𝐚𝐯𝐚𝐨 𝐚𝐧𝐝 𝐀𝐬𝐢𝐚, 𝐈𝐧𝐜.
- 𝐇𝐮𝐦𝐚𝐧𝐢𝐭𝐚𝐫𝐢𝐚𝐧 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐞 𝐨𝐟 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐂𝐨𝐫𝐩.
The CDO prohibits HASMADAI from engaging in unauthorized investment-taking activities through their "Mission Support" or "Charity Mission Support Pledge Form." The SEC considers this a form of soliciting investments without the necessary licenses and permits.
Order Extends to Individuals Associated with HASMADAI
The CDO also targets HASMADAI's officers, operators, administrators, promoters, and anyone affiliated with the organization. These individuals are directed to immediately cease any online activity related to the aforementioned investment scheme.
Failure to Comply May Result in Penalties
The SEC warns that non-compliance with the CDO will lead to "appropriate administrative and criminal action." This includes pursuing legal action against anyone who continues to solicit investments or act as an agent/representative for HASMADAI.
Further Information Available
For a complete understanding of the SEC's CDO, you can access the official document here: https://www.sec.gov.ph/.../humanitarian-and-spiritual.../...