SEC Warns Against Asenso Business Group Investment Scheme

Editing by Nathaniel Cajuday

To address the reports it receives from the public, the Securities and Exchange Commission (SEC) has released a public advisory against Asenso Business Group Trading  Inc., and the individuals or groups of persons representing the company, especially naming a certain Lorenzo Morenencia, that serves as its operator, advising the public not to invest or stop investing to the said firm which is enticing investors to put their money in it with the promise of high monetary rewards or profits.

“Information gathered from the  Facebook (FB) Page of Asenso  Business  Group Trading INC., shows that the said entity thru its President/CEO Lorenzo Morenencia has been inviting the public to invest for a promise of earning a guaranteed 40% profits in 12 days plus a daily bonus reward of up to 18%,” the Commission wrote in a statement.

As per the reports received by the SEC, Asenso Business Group promises its investors generous gains through a guaranteed cashback rebate by purchasing any of the following plans:

a.) Pioneering Plan for a capital of ₱500–₱900;

b.) Premium Plan for a capital of ₱1,000–₱4,999;

c.) Deluxe Plan for a capital of ₱5,000–₱50,000; and

d.) VIP Account Plan for a capital of ₱50,000–and above.

Moreover, the Commission emphasized that the firm is circulating a tampered SEC Certificate of Registration to make it appear that it is authorized to solicit investments to further entice people to invest.

“The public is hereby informed that ASENSO  BUSINESS  GROUP  TRADING  INC., is not authorized to solicit investments from the public,   not having secured prior registration and/or license to sell securities or solicit investments as prescribed under Section 8 of the Securities Regulation Code (SRC),” the SEC noted.

For the celebration of World Investor Week last October, the SEC stressed that educating and steering the public toward legitimate investments is necessary. The Commission has been actively sending out advisories against groups and individuals who have been soliciting investment from the public without the necessary license from it to further prevent frauds and schemes in the country.   (Read more: SEC Highlights Legitimate Investments For IOSCO World Investor Week)

Last month, the public was also advised not to transact with the “watch-to-earn” platform, Movie Daddy, which offers its users the opportunity to earn while watching and rating movie trailers. (Read more: SEC Warns Public: Stop Investing in Movie Daddy’s Watch-to-Earn Scheme)

After several published advisories, the SEC also finally canceled the corporate registration of Astrazion Noble Task Community Foundation and Astrazion Global Holdings Philippines, Inc. “for soliciting investments from the public without the requisite license and through a fraudulent scheme.” (Read more: THE END: SEC Revokes Astrazion’s Corporate Registration)

For more information about the Advisories that the Commission issued against other entities. Go to: SEC Advisory Archives | BitPinas

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