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MANILA, Philippines — The Court of Appeals (CA) has upheld a Securities and Exchange Commission (SEC) order for Alphanetworld Corp., also known as NWorld, to cease selling securities and offering investment schemes, as it operated without a license.
In a decision dated December 27, the CA denied NWorld’s motion to lift the SEC’s cease and desist order (CDO) as the company was not deprived of its right to due process.
Article continues after this advertisementAccording to CA, NWorld was informed of the results of the SEC investigation, and the reasoning behind the SEC’s decision to issue a CDO was “thoroughly explained.”
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“NWORLD was also given a reasonable opportunity to present its defense through the filing of its motion to lift the cease and desist order and its motion for reconsideration,” he added.
Article continues after this advertisementFurthermore, the CA also echoed SEC’s ruling that the product offerings made by NWorld can be considered investment packages, as customers “invested their money in the company by buying its silver, gold and platinum packages.”
Article continues after this advertisementCA stressed that SEC’s Enforcement and Investor Protection Department (EIPD) received reports that NWorld was doing “investment-taking activities,” offering the following investment packages:
Article continues after this advertisement Silver Package valued at Php4,750.00 Gold Package valued at Php9,500.00 Platinum Package valued at Php19,000.00.“These investment packages allegedly entitle its investors to a guaranteed return of up to Php127,000.00 per month. In addition to the said guaranteed returns, the investors are also allegedly entitled to bonuses consisting of discounted rates of up to thirty percent (30%) for every purchase of the investment packages, direct referral bonus of Php1,000.00 per recruit, and sales match bonus of Php2,400.00 per matched downline,” CA said in its statement of facts.
This means that NWorld must secure a permit from the SEC before operating, which it failed to comply with.
Article continues after this advertisement“Second, a common enterprise is deemed created when NWORLD’s investors pooled their resources for the company to meet its financial needs,” CA said.
“Third, the primary consideration of the investors in investing their money is the guaranteed profits, commissions, bonuses, and incentives which NWORLD promised to them,” it added.
Last February 2022, SEC issued the CDO against NWorld, as it has been selling securities without the necessary permit from the commission.
Alphanetworld is headed by its president Juluis Allan Nolasco.
READ: SEC issues cease and desist order vs ‘NWorld’ over investment schemes
This is not the first time that Nolasco’s name popped up in an SEC decision. Last December 2023, the SEC also asked Superbreakthrough Enterprises Corp., a marketing company operating under the name of 1UP Time, to stop the solicitation of investments from the public without the necessary licenses.
1UP Time, according to groups found on social media networking sites, is engaged in the sale of different investment packages for items like cosmetics, health and wellness, and personal care products. These are marketed through social media platforms such as YouTube and Facebook.
According to the SEC, the order was issued after they continuously monitored the activities of companies under Nolasco.
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READ: SEC issues cease and desist order vs Superbreakthrough Enterprises, Juluis Allan Nolasco
SEC explained that soliciting investments within the Philippineslegend bet, without the registration filed and approved by the commission, is tantamount to a violation of Section 8 of Republic Act No. 8799, or The Securities Regulation Code.
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