The Securities and Exchange Commission (SEC) has issued cease and desist orders (CDO) against Pacific Union LLC, its local affiliates operating under PU Prime Philippines and PU Prime Support PH, as well as against Fortune Wave Solution Hub OPC and associated entities, for illegally soliciting investments from the public without proper registration.
The CDO covers individuals linked to the entities, including Martin David Adorable and Jerico Matela of PU Prime, and Guiller King Ortile and Jasmine Nicole Bautista of Fortune Wave.
The SEC found PU Prime offering leveraged trading services such as contracts for difference (CFDs), forex, and futures — all classified as securities — without prior registration or the required license. PU Prime allegedly promised guaranteed monthly returns of 10 percent and a 100 percent “deposit bonus” to attract investors, with placements ranging from US$50 to US$10,000.
Similarly, Fortune Wave was found to be soliciting investments via Facebook with daily plans promising returns as high as 330 percent and a supposed “100 percent money-back guarantee.” SEC records confirm the group lacks both the license to sell securities and registration as issuer.
In both cases, the SEC said the unauthorized activities present substantial risks to the investing public.
“These entities have failed to meet the minimum regulatory requirements prescribed by law,” the SEC said of the proliferation of unregistered investment offerings.
