Business

SEC reiterates warning against Masa Mart Business Center

The Securities and Exchange Commission reiterated its warning to the public against dealing with Masa Mart Business Center.

Led by a certain Jessie R. Royo, Masa Mart has been soliciting investments from the public without the proper license.

Based on the SEC’s investigation, Masa Mart operates under different names – Masa Mart Business Center OPC (MMBC OPC), which is registered with the corporate watchdog, and Masa Mart Business Center, which is registered with the DTI.

Both MMBC OPC and MME OPC are under the name of Royo as their single stockholder/directo/president, with the same nominee and alternate nominee namely, Annabelle Tansiongco Muros and Emery Jestine Palevino Royo, respectively.

“It may be recalled that the Commission issued an advisory dated April 14, 2020 against TBCMMP MASA MART INC. (TBCMMP). Based on its Articles of Incorporation, it appears that Jessie R. Royo is the President…Based on information gathered by the Commission, MASA MART BUSINESS CENTER and its related entities appear to be adopting the same scheme of TBCMMP and still offers the subscription and gains program,”the SEC said.

Under this program, a member may invest for as low as P1,250 up to P5 million and promises, depending on the selected lock-in period (i.e., 3 months, 6 months, and 1 year), a return ranging from P2,746 up to P11.64 billion, respectively.

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