SEC warns against Organico Agribusiness Ventures
The Securities and Exchange Commission has warned the public against investing in Organico Agribusiness Ventures Corp. which has been soliciting investments from the public without the necessary license.
Under Organico’s investment scheme, an investor must buy at least 10 shares at P1,800 each. For every share, an investor gets P450.00 every 15 days for a total of P2,700 in three months.
The money invested will supposedly be used to fund the company’s diverse businesses which include organic farming, organic poultry, organic piggery, restaurant serving organic food, telemarketing, music studio and construction and eventually, an organic meat shop.
Another scheme is the 90-day investment, where for every P3,600 invested, one piglet is raised and sold after three months and the investor gets his money back with a total profit of P7,000.
“The public is hereby informed that Organico is not registered with the Commission as a corporation nor as a partnership under the Corporation Code of the Philippines and is not authorized to offer, solicit, sell or distribute any investment/securities,” the SEC said.
” Such activities require a secondary license from the Commission and the securities or investment product should likewise be registered with SEC before they can be offered or sold to the public under Sections 8 and 12 of the Securities Regulation Code (SRC).,” the SEC added.
According to the SEC, salesmen, brokers, dealers or agents of Organico may face criminal prosecution or may be penalized a maximum fine of P5 million each.