Elite 360 Int'l Holdings Inc. And/Or Elite Global Invasion Trading Corporation

Securities and Exchange Commission Republic of the Philippines Department of Finance

ELITE 360 INT'L HOLDINGS INC. AND/OR ELITE GLOBAL INVASION TRADING CORPORATION SEC CD0 Case No. 11-16-037

PROTECTION DEPARTMENT, ENFORCEMENT AND INVESTOR

Movant.

CEASE AND DESIST ORDER

dated 08 November 2016, filed by the Enforcement and Investor Protection Department (EIPD) praying, among others, that an Order be issued against ELITE 360 INT'L HOLDINGS INC. (ELITE 360) and/or ELITE GLOBAL INVASION TRADING CORPORATION (GLOBAL INVASION), their respective officers, and/or in their behalf to immediately CEASE AND DESIST from further engaging in activities of offering for sale securities in the form of investment contracts until the requisite registration statement is duly filed with and approved by the Commission and the corresponding license to offer/sell is issued. directors, representatives, salesmen, agents, and any and all persons acting for This resolves the Motion for Issuance of Cease and Desist Order (Motion)

Commission on 27 October 2015 and 27 January 2016 with Company Plaza II, 79 Timog Ave., Brgy. South Triangle, Quezon City.4 Elite 360's primary the other hand, the principal office of Global Invasion is at 2/F, Unit 16-18, Ushio Registration Nos. CS2015216181 and CS201601702,2 respectively. Based on its Articles of Incorporation (A0I), the principal office of Elite 360 is at Unit 306- 307, The Orient Square, Ruby Rd. cor. Topaz Rd., Ortigas, Mandaluyong City.3 On purpose is: Elite 360 and Global Invasion are corporations duly registered with the

indebtedness, contracts and other securities and obligations of any assign, transfer, mortgage, pledge, exchange, or otherwise dispose of personal property of every kind and description including shares of stocks, bonds, debentures, notes, evidences of "To invest in purchase or otherwise acquire and hold, use sell

3 Id., Annex "C", Article III. 4 Id., Annex "D", Article III. 2 Id., Annex "B 1 Motion for Issuance of Cease and Desist Order, Annex "A".

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corporation, partnership, company or association, whether same may have been organized; and domestic or foreign for whatever lawful purpose or purposes the

income arising from such property and investments and possess however engaging in any banking or quasi-banking activities, nor shall the corporation engage in the business of investment without complying with the provisions of the said act nor engage in stock brokerage business and dealership of securities."5 To pay therefore in money or by exchanging therefore in stocks. bond, debentures, notes or other evidences of indebtedness, to receive, collect and dispose of the interest, dividends and and exercise in respect thereof, all rights and powers and company as defined in the Investment Company Act (R.A. 2629) contracts and other securities and obligations of any corporation, privileges of ownership to the extent authorized by law,without

Global Invasion's primary purpose, on the other hand, is: "To engage in trading and distribution of products by employing social web base marketing without acting as broker or dealer in financing company, and time shares/club shares/membership various modes of marketing, including but not limited to different type of marketing such as: traditional and direct selling, online and securities, government securities eligible dealer(GSED), investment adviser of an investment company, close-end or open- certificates issuer or selling agent thereof nor engaging in investment solicitation nor investment taking activity from public end investment company, investment house, transfer agent, investors." commodity/financial futures exchange/broker/merchant

no Ryan Manuit or Jesus Abejar or Elite 360 Int'l Holding Corp in this place."11 mails8 requesting the latter to investigate the double your money investment scam activities of Elite 360. In response thereto, EIPD issued a Notice of Thus, on 29 December 2015, a Subpoena Duces Tecum/Ad Testificandum12 was Conference,9 dated 14 December 2015, and was personally served at Unit 15, 2/F, Ushio Plaza, Timog Ave., South Triangle, Quezon City, the reported address of Elite 360.10 However, the process server noted: "According to Admin, there is During the latter part of 2015, EIPD received a letter? and a series of e-

12 Note 1, Annex "H". 5 Note 3, Article II. 7 Note 1, Annex "E". Id., Annex "F". 10 Note 8, dated 09 December 2015. 6 Note 4, Article II. 11 Note 9. 9 Id. Annex "G"

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issued by EIPD and was personally served at Unit 306-307, The Orient Square, process server.13 Ruby Rd. cor. Topaz Rd., Ortigas, Mandaluyong City, the registered principal office of Elite 360. But Elite 360 does not hold office thereat as noted by the

records of the Commission is not a registered issuer of mutual funds including (CGFD) and the Company Registration and Monitoring Department (CRMD) issued negative certifications14 against Elite 360 certifying that based on the exchange traded funds, membership certificates, time shares and registered but unlisted securities nor licensed as a Broker and/or Dealer of Securities, Dealer in Government Securities, Investment Adviser of an Investment Company, Investment House and Transfer Agent. Upon request of EIPD, the Corporate Governance and Finance Department

South Triangle, Diliman, Quezon City, but the process server noted: "According to Roberto Bernal of Administration Bldg. Elite 360 Int'l Holdings Corp. does not Was issued by EIPD and was served at 2/F Unit 16 Ushio Plaza II, 77 Timog Ave., anymore hold office here."16 On 25 January 2016, another Subpoena Duces Tecum/Ad Testificandum15

of the registered office of Elite 360 by EIPD. The Field Investigation Report17 states, in part: On 02 February 2016, an ocular inspection was conducted in the premises

presently unoccupied as can be seen from its glass door. However there was a signage attached to the door that would apparently indicate that the former occupant of the office was another entity Genesis One BPO Center Inc. (Genesis One). Xxx "xxx The undersigned notice that the subject corporation's office is

building, but the same was answered in the negative." talk to the utility personnel of the building, and inquired if units that said units were vacant for almost three (3) years already. The same was likewise confirmed by the desk officer at the information the team asked the desk officer if Elite 360 is a tenant of the 306-307 were already vacated by Genesis One. We were informed center located at the ground floor of the building. Subsequently, Upon leaving the recruitment office, the team was able to

Senior Manager of The Orient Square Condominium, issued a Certification18 stating that Elite 360 is neither an occupant nor a tenant of Unit Nos. 306-307 of On 20 February 2016, upon written request of EIPD, Freddie C. Diaz

15 Id., Annex "K" 17 Note 1, Annex "L". 18 Id., Annex "O". 14 Note 1, Annexes "I" and "J". 13 Id 16 Id

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ground for revocation of registration.19 The Orient Square Condominium in Don Francisco Ortigas Jr. Road, formerly Emerald Avenue, Ortigas Center, San Antonio, Pasig City. In view thereof, EIPD referred the same to CRMD for investigation and appropriate action as it is a

2016, EIPD referred the matter to CRMD for investigation and appropriate action. On even date, and considering the referrals made to CRMD, EIPD considered the case closed and terminated.21 TIN of Rizal Vin Manuit, an officer of Elite 360, is invalid.20 Hence, on 13 April On 14 March 2016,the Bureau of Internal Revenue (BIR) verified that the

Farrah Ongkingko, and Rizal Vin Manuit before the EIPD, which resulted in the reopening of the case. Invasion, Ryan Manuit, Jesus Abejar, Michael G. Galaraga, Atoz Del Rosario, (Complainants) filed a joint Sworn Complaint22 against Elite 360, Global However, on 02 September 2016, Leonora B.Oliva and May G.Ursolino

and/or Global Invasion upon the misrepresentation, initiation of, and/or Rosario, Farrah Ongkingko, and Rizal Vin Manuit by posing themselves as duly solicit investments/funds from the public.23 They claim that Atoz R. Del Rosario, Ryan Manuit, and Jesus M. Abejar, representing themselves as president, encouragement of Ryan Manuit, Jesus Abejar, Michael G. Galaraga, Atoz Del authorized entities/officers of said companies, which/who are authorized to chairman, and corporate secretary of the Elite Group of Companies (Elite 360 and Global Invasion), approached them on different occasions from October aforesaid officers that Elite 360 and Gobal Invasion are actively and successfully engaged in investments/portfolio management and international/local trading.25 Michael Galaraga and Farah Ongkingko explained that complainants could earn Atoz Del Rosario, Michael Galaraga, and Jesus Abejar told complainants that their capital formation.26 According to said officers, Elite 360 and Global Invasion are duly authorized by the Commission to engage in the said programs.27 2015 to February 2016, and offered an investment package that they said would surely give us a guaranteed, fast, and lawful income.24 They were informed by the as much as 40% - 60% interest in 6 months, and at times, when substantial programs have been tested abroad and are the latest models in innovative amounts are involved, the money invested will be doubled in just 45 - 60 days. Complainants aver that they invest 17 Million, more or less, in Elite 360

Regulation Department) submitted negative certifications against Elite 360, Thereafter, the CRMD, CGFD, and MSRD (Markets and Securities

22 Id., Annex "T" 23 Id., paragraphs 2 and 3. 24 Note 1, Annexes "U" and "V", paragraph 2. 27 Id., paragraph 6. 20 Id., Annex "Q". 21 Id., Annex "S" 26 Id., paragraph 4. 19 Id., Annex "P" 25 id., paragraph 3.

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Global Invasion, Ryan Manuit, Jesus Abejar, Michael G. Galaraga, Atoz Del Rosario, Farrah Ongkingko, and Rizal Vin Manuit.

We find merit in the Motion.

transactions under Sections 928 and 1029 of the SRC. Securities are shares, Regulation Code (SRC), mandates that no securities shall be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the Commission save those securities and Section 8.1 of Republic Act No. 8799, otherwise known as the Securities

(a) Any security issued or guaranteed by the Government of the Philippines, or by any political 28 Section 9. Exempt Securities. - 9.1. The requirement of registration under Subsection 8.1 shall subdivision or agency thereof, or by any person controlled or supervised by, and acting as an Philippines maintains diplomatic relations, or by any state, province or political subdivision thereof on the basis of reciprocity: Provided, That the Commission may require compliance with the form and content for disclosures the Commission may prescribe. (c) Certificates issued by a receiver or by a trustee in bankruptcy duly approved by the proper (d) Any security or its derivatives the sale or transfer of which, by law, is under the supervision not as a general rule apply to any of the following classes of securities: (b) Any security issued or guaranteed by the government of any country with which the and regulation of the Office of the Insurance Commission, Housing and Land Use Rule Regulatory Board, or the Bureau of Internal Revenue. instrumentality of said Government (e) Any security issued by a bank except its own shares of stock. adjudicatory body.

shall not apply to the sale of any security in any of the following transactions: (a) At any judicial sale, or sale by an executor, administrator, guardian or receiver or trustee in (b) By or for the account of a pledge holder, or mortgagee or any of a pledge lien holder selling of avoiding the provision of this Code, to liquidate a bonafide debt, a security pledged in good faith by the owner therefore, or by his representative for the owner's account, such sale or offer for 29 Section 10. Exempt Transactions. - 10.1. The requirement of registration under Subsection 8.1 offering for sale or delivery in the ordinary course of business and not for the purpose of (c) An isolated transaction in which any security is sold, offered for sale, subscription or delivery sale or offer for sale, subscription or delivery not being made in the course of repeated and successive transaction of a like character by such owner, or on his account by such representative as security for such debt. and such own nsolvency or bankruptcy resentative not being the underwriter of such security

within the class of securities entitled to registration under this Code. Upon such conversion the (d) The distribution by a corporation actively engaged in the business authorized by its articles of e The sale of capital stock of a corporation to its own stockholders exclusively, where no commission or other remuneration is paid or given directly or indirectly in connection with the property, when the entire mortgage together with all the bonds or notes secured thereby are sold (g) The issue and delivery of any security in exchange for any other security of the same issuer make such conversion: Provided, That the security so surrendered has been registered under this Code or was, when sold, exempt from the provision of this Code, and that the security issued and delivered in exchange, if sold at the conversion price, would at the time of such conversion fall incorporation, of securities to its stockholders or other security holders as a stock dividend or sale of such capital stock (f) The issuance of bonds or notes secured by mortgage upon real estate or tangible personal pursuant to a right of conversion entitling the holder of the security surrendered in exchange to other distribution out of surplus a single purchaser at a single sale

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contract.31 participation or interests in a corporation or in a commercial enterprise or whether written or electronic in character3o and include an investment profit-making venture and evidenced by a certificate, contract, instrument,

enterprise and is led to expect profits primarily from the efforts of others. An investment is presumed to exist whenever a person seeks to use the money or (collectively contract') whereby a person invests his money in a common property of others on the promise of profits.32 An "investment contract" means a contract, transaction or scheme

Exchange Commission,35 where the Supreme Court held that an investment Commission, must have the following elements: (1) an investment of money; origin. It traces its roots from the US Supreme Court cases of SEC v. W.J. Howey Co.33 and SEC v. Glenn Turner Enterprises, Inc. 34 It has since been adopted in the Philippines in the case of Power Homes Unlimited Corporation v. Securities and contract in our jurisdiction, to be a security subject to regulation by the The concept of an investment contract in the Philippines is of American

35 G.R. No. 164182, 26 February 2008. par value of the security surrendered in such exchange shall be deemed the price at which the be registered and duly incorporated, or its authorized, capital increase. 30 SRC, Section 3.1 34 474 F. 2d 476, 414 U.S. 821, 94 (1973). (h) Broker's transaction, executed upon customer's orders, on any registered Exchange or other (i) Subscriptions for shares of the capitals stocks of a corporation prior to the incorporation thereof or in pursuance of an increase in its authorized capital stocks under the Corporation Code, when no expense is incurred, or no commission, compensation or remuneration is paid or given in connection with the sale or disposition of such securities, and only when the purpose for no commission or other remuneration is paid or given directly or indirectly for soliciting such (k) The sale of securities by an issuer to fewer than twenty (20) persons in the Philippines during 31 SRC. Section 3.1.(b) 32 2015 SRC Rules, Section 26.3.5 33 328 U.S. 293, 66 S. Ct. 1100, 90 L. Ed. 1244, 163 A.L.R. 1043 (1946). securities issued and delivered in such exchange are sold. soliciting, giving or taking of such subscription is to comply with the requirements of such law as to the percentage of the capital stock of a corporation which should be subscribed before it can (j) The exchange of securities by the issuer with the existing security holders exclusively, where (l) The sale of securities to any number of the following qualified buyers: trading market. exchange any twelve-month period. financial and business matters, or amount of assets under management. xxx basis of such factors as financial sophistication, net worth, knowledge, and experience in (iv) Pension fund or retirement plan maintained by the Government of the Philippines or any political subdivision thereof or manage by a bank or other persons authorized by the Bangko Sentral to engage in trust functions (v) Investment company or (vi) Such other person as the Commission may rule by determine as qualified buyers, on the (i) Bank; (ii) Registered investment house; (iii) Insurance company:

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primarily from efforts of others. (2) in a common enterprise; (3) with expectation of profits; and (4)

present in this case. First, investors must pay a minimum amount of P1,000.00 investor commits money to an enterprise or venture in a manner that subjects himself to financial loss.37 Second, there is also a common enterprise. A common enterprise is deemed created when two (2) or more investors "pool" their (Global Invasion).36 It is settled that an investment of money occurs when an An examination of the records indicate that the aforesaid elements are

more than a broker's commission.38 Here, two investors39 executed sworn resources, creating a common enterprise, even if the promoter receives nothing statements attesting to the fact of their investments to Elite 360 and Global

month.41 In fact, post-dated checks were issued to complainants to supposedly their investment will be doubled at the end of 45 days (Global Invasion),40 or as regards Elite 360 investment program, they will receive 40% to 60% interest per Invasion. Third, investors parted with their money with the expectation that

places his money to Elite 360 and Global Invasion, and thereafter wait for the promised returns. It must be noted that none of the exemptions from registration is applicable to the instant case. Thus, the investment programs ensure the payment of the said profits.42 Said checks, needless to say, were dishonored for the reason: "ACCOUNT CLOSED." And fourth, an investor merely offered by Elite 360 and Global Invasion to public must be registered with the Commission.

However, the Certifications issued by the CRMD, CGFD, and MSRD would readily show that Elite 360 and Global Invasion were not issued Certificates of Registration or Licenses to act as a Broker and/or Dealer of Securities, Dealer in Investment House and Transfer Agent, or as issuers of mutual funds including exchange traded funds, membership certificates, time shares and registered but Government Securities, Investment Adviser of an Investment Company,

registered Associated Person, Compliance Officer, Salesman and/or Certified unlisted equity securities nor they have filed any application for such licenses. Further, Ryan Manuit, Jesus Abejar, Michael G. Galaraga, Atoz Del Rosario, Farrah Ongkingko, and Rizal Vin Manuit were not issued a Certificate of Registration as

Investment Solicitor of a Broker/Dealer in Securities, Investment House, Underwriter of Securities, Investment Company Adviser, and/or Mutual Fund Distributor, or have filed any application for registration.

Invasion and the persons acting for them. In view of thereof, we see three (3) violations by Elite 360 and Global

37 SEC v. International Mining Exchange, Inc., 515 F. Supp. 1062. 39 Note 1, Annexes "U" and "V" 42 Note 1, Annexes "D" to "D-73" of Annex "U" and Annexes "D" to "D-12" of Annex "V" 36 Note 1, Annex "B-1" of Annexes "U" and "V" 38 Note 33 40 Note 37 41 Note 1, Annex "A-1" of Annexes "U" and "V"

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prescribe, shall be made available to each prospective purchaser.44 As discussed contracts which need prior registration with the Commission. involved are exempt securities or exempt transactions which are not covered by with and approved by the Commission.43 Prior to such sale, information on the securities, in such form and with such substance as the Commission may engaged in the offering and/or selling of securities in the form of investment the requirement of registration, securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed above, Elite 360 and Global Invasion, thru Ryan Manuit, Jesus Abejar, Michael G. Galaraga, Atoz Del Rosario, Farrah Ongkingko, and Rizal Vin Manuit, have First, the non-registration of securities. As stated earlier, unless what is

the business of buying or selling securities in the Philippines as a broker or Global Invasion, Ryan Manuit, Jesus Abejar, Michael G. Galaraga, Atoz Del /dealer/salesman without being registered as such. dealer, or act as a salesman, or an associated person of any broker or dealer Rosario, Farrah Ongkingko, and Rizal Vin Manuit are acting as either broker person of any broker or dealer. The law provides that no person shall engage in unless registered as such with the Commission.45 In the instant case, Elite 360 Second, the non-registration as broker, dealer, salesman, or associated

exercise any corporate powers, except those conferred by the Corporation Code to the exercise of the powers so conferred.46 Here, the primary purpose of Elite securities, government securities eligible dealer (GSED), investment adviser of an investment company, close-end or open-end investment company, investment taking activity from public investors. or by its Articles of Incorporation and except such as are necessary or incidental 360 and Global Invasion expressly prohibits them to act as broker or dealer in house, transfer agent, commodity/financial futures exchange/broker/merchant, financing company, and time shares/club shares/membership certificates issuer or selling agent thereof nor engaging in investment solicitation nor investment Third, the commission of ultra vires acts. No corporation shall possess or

to protect the investing public pursuant to Section 64 of the SRC which provides: thru Ryan Manuit, Jesus Abejar, Michael G. Galaraga, Atoz Del Rosario, Farrah Ongkingko, Rizal Vin Manuit, and other agents should immediately be enjoined Clearly, the violations being committed by Elite 360 and Global invasion.

Section 64. Cease and Desist Order. - 64.1. The Commission, after judgment the act or practice, unless restrained, will operate proper investigation or verification, motu proprio or upon verified complaint by any aggrieved party, may issue a cease and desist order without the necessity of a prior hearing if in its

46 Corporation Code of the Philippines, Section 45. 45 SRC, Section 28.1. 43 SRC, Section 8.1. 44

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irreparable injury or prejudice to the investing public.47 as a fraud on investors or is otherwise likely to cause grave or

operate as a fraud on investors or is otherwise likely to cause grave or irreparable'injury or prejudice to the investing public. Supreme Court held that under the aforesaid provision, two essential requirements must be complied with by the SEC before it may issue a cease and desist order: First, it must conduct proper investigation or verification; and Second, there must be a finding that the act or practice, unless restrained, will In the case of SEC vs. Performance Foreign Exchange Corporation,48 the

and a notice of conference and even conducted an ocular inspection of the investment contracts to the public, and neither the investment contract, itself, is registered. In Power Homes,49 the Supreme Court emphasized the importance of registered principal place of business of Elite 360. Second, the Certifications issued by the CRMD, CGFD, and MSRD show that Elite 360, Global invasion, Ryan Manuit, Jesus Abejar, Michael G. Galaraga, Atoz Del Rosario, Farrah Ongkingko, and Rizal Vin Manuit are not authorized to offer/sell securities in the form of registration of any security, thus: Here, the two requisites are present. First, EIPD issued two subpoenas

SEC cannot _protect the investing public from _fraudulent premise that the capital markets depend on the investing public's level of confidence in the system."5o "As an investment contract that is security under R.A. No. 8799, it must be registered with public respondent SEC, otherwise the securities. The strict regulation of securities is founded on the

an ever increasing number of new investors joining the scheme.51 In fact, a fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Its organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. In many Ponzi schemes, the perpetrators focus on attracting new money to make promised payments to earlier-stage investors to create the false appearance that investors are profiting from a legitimate business. It is not an investment strategy but a gullibility scheme, which works only as long as there is perusal of the records would show that the post-dated checks issued to complainants were dishonored52 and Ryan Manuit, Jesus Abejar, Michael G. Galaraga, Atoz Del Rosario, Farrah Ongkingko, and Rizal Vin Manuit are nowhere Global Invasion is a classic "Ponzi Scheme." A Ponzi scheme is a type of investment It cannot be overemphasized that the business model of Elite 360 and

51 People of the Philippines vs. Palmy Tibayan and Rico Z. Puerto, G.R. No. 209655-60, January 14, 47 Emphasis supplied. 48 G.R. No. 154131, July 20, 2006. 50 Emphasis and underscoring supplied. 52 Note 43. 49 Note 17, supra. 2015

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indicates a very likely fraudulent scheme. to be found.53 More importantly, the fact that the corporate officers nor their business operations can neither be found in their registered business address

or unsupervised, would further defraud the investing public. activities of Elite 360 and Global invasion,thru Ryan Manuit, Jesus Abejar Michael G. Galaraga, Atoz Del Rosario, Farrah Ongkingko, Rizal Vin Manuit, and other agents, cannot be regulated nor supervised, and if it remains unregulated Certainly, without a license from the Commission, the investment-taking

PAIN OF CONTEMPT, from further engaging, reviving, or surreptitiously in the Commission, ELITE 360 INT'L HOLDINGS INC., ELITE GLOBAL MICHAEL G. GALARAGA, ATOZ DEL ROSARIO, FARRAH B. ONGKINGKO, AND RIZAL VIN MANUIT, their partners, agents, representatives, conduits, assigns, and any and all persons claiming and acting for and in behalf and under their authority are hereby ordered to IMMEDIATELY CEASE AND DESIST,54 UNDER continuing the act of selling and/or offering for sale securities in the form of investment contracts or any others of the same nature until the requisite registration statement is duly filed with and approved by the Commission and the corresponding license to offer/sell is issued. INVASION TRADING CORPORATION, RYAN B. MANUIT, JESUS M. ABEJAR, WHEREFORE, premises considered and pursuant to the authority vested

information providers, salesmen, agents, brokers, dealers or the like for and in criminal action against any persons or entities found to act as solicitors, behalf of the subject persons. The Commission will institute the appropriate administrative and

AND RIZAL VIN MANUIT and such other person/s, entities, representatives and DIRECTED to: 1) serve this Order to ELITE 360 INT'L HOLDINGS INC.,ELITE GLOBAL INVASION TRADING CORPORATION, RYAN B. MANUIT, JESUS M. ABEJAR, MICHAEL G. GALARAGA, ATOZ DEL ROSARIO, FARRAH B. ONGKINGKO assigns acting in their behalf, wherever they be found; and 2) post copies of the Order at the entrance of the main office and/or branches, if any, of ELITE 360 INT'L HOLDINGS INC.and ELITE GLOBAL INVASION TRADING CORPORATION. The Enforcement and Investor Protection Department is hereby

Way of a pleading, to the Commission En Banc WITHIN TEN (10) DAYS from receipt of this Cease and Desist Order. EIPD is FURTHER DIRECTED to submit a formal compliance report, by

53 Notes 12 and 15. 54 Section 64.1, SRC, The Commission, after proper investigation or verification, motu propio, or upon verified complaint by any aggrieved party, may issue a cease and desist order without the necessity of a prior hearing if in its judgment the act or practice, unless restrained, will operate as fraud on investors or is otherwise likely to cause grave or irreparable injury or prejudice to the investing public.

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published in a national newspaper of general circulation; 3.) furnished to all the Commission's departments for their information and appropriate action. Let a copy of this Order be: 1.) posted in the Commission's website; 2.)

and Desist Order may file a request for the lifting thereof within five (5) days the 2006 Rules of Procedure of the Commission, the parties subject of this Cease from receipt hereof. In accordance with the provisions of Sec. 64.355 of SRC and Sec. 10-3 of

FAIL NOT UNDER PENALTY OF LAW

SO ORDERED.

Pasay City, Philippines, 12 January 2017

ANTONIETA F. IBE Commissioner alp MerD TERESITA J. HERBOSA * We Chairperson EPHYRO LUIS B.AMATONG Commissioner

BLAS JAMES G.VITERBO commissioner aS lo EmILIO B. AQUINO Commi$sioner MWiw V

*On Official Business

be set for hearing by the Commission not later than fifteen (15) days from its filing and the resolution thereof shall be made not later than ten (10) days from the termination of the hearing. If the Commission fails to resolve the request within the time herein prescribed, the cease and desist order shall automatically be lifted. 55 SRC, Section 64.3. Any person against whom a cease and desist order was issued may, within five (5) days from receipt of the order, file a formal request for a lifting thereof. Said request shall