The Securities and Exchange Commission has ordered Baguio-based Casa Infini Builders and Realty Co. Ltd., Ray Education Directions Consultancy Services and their affiliated entities to stop soliciting investments in the guise of real estate-related investments.
Casa Infini and its affiliates have been selling investments to the public without a license from the SEC.
The June 8 SEC order covers Ray Education, Casa Infini Realty Management Co. Ltd., Ray International Philippines Corp., do business under the names Ray Education Directions Consultancy Services, Be Unrivaled Productions and Sine Cordillera and Casa Infini Properties and Development Corp.
“The [groups’] unauthorized investment-taking activities warrant the prompt issuance of a cease and desist order as it operates as a fraud which, if unrestrained, will likely cause grave or irreparable injury or prejudice to the investing public,” the SEC said.
The order directs Jennylyn Galletes De Los Santos Floresca, Raffy Palangdan Floresca, Jovielyn Malonzo Mina, Jinky delos Santos Lontoc, Jacqueline Corel Melchor, Peter Omaweng Wasing, Eric M. Pineda, Jerick Bambi Sadernas and Kenjie Millar, and their salesmen, solicitors, agents, uplines, enablers and influencer acting on behalf of the groups.
The entities, all based in Baguio City, identify Jennylyn De Los Santos as either partner or incorporator.
The group was found to have enticed the public to invest in alleged real estate projects in Baguio City either as a buyer-investor or partner financier.
The investments collected will supposedly finance real property projects claimed to be owned, managed, and operated by the Casa Infini group with the investors promised a guaranteed income of more than P33,000 a month for 20 months.
Investors become partner financiers by entering into real estate development plans where they are required to invest P300,000 to P10 million, in exchange for guaranteed income ranging from 3 percent to 4.8 percent over a span of eight to 20 months as stipulated in the contract.
The SEC said the terms and conditions employed have the characteristics of a Ponzi scheme promising exorbitant returns with little or no risk to investors.
The SEC found the groups have so far persuaded more than 600 investors to participate in the scheme involving the sale of securities 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.
Casa Infini Builders and Realty and Casa Infini Realty Management are registered partnerships while Ray International Philippines and Casa Infini Properties and Development are registered corporations. Ray Education is a sole proprietorship registered with the Department of Trade and Industry.
Not one of them, however, have been issued a secondary license to offer or sell investments to the public.
Further, their common partner or incorporator, Jennylyn De Los Santos, is allegedly the wife of a Raffy Palangdan Floresca, who is the subject of another SEC cease and desist orderalso involving unauthorized investments.
