SEC: Cease and desist order on Aman Futures stays

Posted at 10/16/12 5:29 PM

MANILA, Philippines - The Securities and Exchange Commission (SEC) denied reports it had issued a secondary license to Aman Futures Group Philippines. and allowed the Zamboanga-based company to operate for 6 months.

"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," the SEC said, in a statement. 

The SEC said it had received reports that e-mails and text messages have been circulating in Pagadian City about Aman Futures.

The SEC maintained that Aman Futures officers, directors, agents and other employees are still prohibited from offering or selling unregistered securities to the public.

The public is urged to report any activities of Aman Futures in violation of the CDO.

Last week, the SEC issued the CDO against the Zamboanga-based company that allegedly swindled P244 million from investors in Visayas and Mindanao. 

Aman Futures Group Philippines, according to the SEC's findings, is allegedly engaged in pyramiding or Ponzi scheme by been soliciting investments from public and promising a rate of return from 15 percent to as high as 40 percent.