SEC halts crypto-themed investment scam

The Securities and Exchange Commission (SEC) ordered the Astrazion Group to stop its illegal cryptocurrency-themed investment scam.

The SEC issued a cease and desist order against Astrazion Noble Task Community Foundation, Astrazion Global Holdings Philippines Inc., and Astrazion International via an order dated May 12 this year.

It said the companies were engaging in the “unlawful/unauthorized solicitation, offer and/or sale of securities until it has filed the requisite registration statement and secured the necessary approval from the SEC.”

The SEC said its Enforcement and Investor Protection Department discovered that Astrazion was operating an online multilevel marketing platform promoting the sale of a digital currency token, AZNT, and enticing buyers to invest for a chance to earn significant returns.

Unregistered sales

Payouts will then be released through the Coins.ph mobile app.

“The scheme involves the sale and offer of securities to the public in the form of investment contracts, whereby a person invests his money in a common enterprise and is led to expect profits primarily from the efforts of others, according to the SEC,” the corporate regulator noted.

While Astrazion Global and Astrazion Foundation were duly registered corporations, these have not obtained the necessary secondary license to deal in securities for public offerings.

Meanwhile, Astrazion International is not registered with the SEC as a corporation, partnership, or one-person corporation.

Astrazion Group, its operators, directors and officers that were named in the SEC order were Napoleon dela Cruz Visperas, Remus Pedroso Salgado, Joan Ganancial, Rolando Cadelario Oso, Francisco Gadayan Baladjay, Jr., Pierre Martin Reyes, Esther Weigand and Carol Joy Balbuena Visperas.

The SEC first issued an advisory against the Astrazion Group as early as Feb. 3 this year.