Pretty Pink Holdings Co. Inc.

Securities and Exchange Commission Republic of the Philippines Department of Finance

In the matter of. PRETTY PINK HOLDINGS CO. INC.a.k.a.PRETTY PINK CARRISA LOVE,PRETTY PINK MONEY TREE INVESTING PRETTY PINK ONLINE SHOP PRETTY PINK MONEY TREE,

SEC CDO Case No.07-16-032

ENFORCEMENT AND INVESTOR PROTECTION DEPARTMENT, Movant.

CEASE AND DESIST ORDER

CARRISA LOVE, PRETTY PINK MONEY TREE INVESTING and its representatives/agents from selling and/or offering for sale securities in the filed with and approved by the Commission and the corresponding license to filed on 19 July 2016 by the Enforcement and Investor Protection Department (EIPD) praying to enjoin PRETTY PINK HOLDINGS CO., INC. (PPHCI) also known as PRETTY PINK,PRETTY PINK ONLINE SHOP, PRETTY PINK MONEY TREE form of investment contracts until the requisite registration statement is duly offer/sell is issued. This resolves the Motion for Issuance of Cease and Desist Orderi (Motion)

authorized capital stock of Php 20,000,000.00 divided into 200,000 shares with a par value of Php 100.00 per share4. Its primary purpose is: address is located at 253 Ayuson Street, Rosario,Rodriguez, Rizal3.It has an January 2016 with Company Registration No.CS201600568.2 Its principal office PPHCI is a domestic corporation registered with the Commission on 13

managing securities, portfolio or funds of the managed entity or firm nor the corporation shall act as stock broker or dealer in securities."s "To acquire, hold, sell, exchange, deal and invest in the stocks, bonds or securities of any government or any subdivision thereof or any public or private corporation,and in real or personal property of all kinds in the same manner and to the same extent as natural person, might could or would do, to exercise all the rights, powers, and privileges or ownership, including the right to vote therein, or consent in respect thereof, for any and all purposes without however

3 Paragraph I of the Motionand Article Il. Note 2, Supra 4 Paragraph 3 of the Motion and Article Il, Note 2, Supra. 5 Article lI,Note2,Supra Dated 14 July 2016. 2AnnexAof the Motion

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De Guzman; 3.) Eufrocina M. Ignacio; 4.) Manuel M. Ignacio; 5.) Dimple Joy S. Manuelo. Its incorporators are: 1.) Annaliza M. Ignacio (Ignacio); 2.) Florencia M.

received two (2) complaint-affidavits, with supporting documents7, from Ms. Rowena E. Nabuchi8 (Nabuchi) and Ms. Marycho Inocentes9 (Inocentes). On 06 April 2016,EIPD was alerted about PPHCI's operation when it

Was invited, through Facebook, by a certain Charistine A. Jones (Jones) to invest in Pretty Pink also known as Carissa Love, Carrisslove, CarissaJones, Pretty Pink Money Tree or Pretty Pink the Blessing Tree. According to Jones, the company's Philippine office is located at Ozamis, Misamis Occidental but she is based in the United States of America (USA) at 6864 Alondra Blvd., Unit 5, Paramount, that Pretty Pink is engaged in gold and diamond biddings in the USA. Further, California and the company's new office address is at Unit D, Blk. 2, Citiplaza, Commercial Complex, Tandang Sora Ave, Quezon City. Jones informed Nabuchi Jones promised Nabuchi that if the latter places a minimum investment of Php 500.00 in Pretty Pink, it will be doubled after a period of thirty (30) days Because of these representations,Nabuchi invested the aggregate amount of Php Pretty Pink by depositing the same in the bank accounts under the names of: 1. Junna Rose B. Carpio (Carpio) 2.) Jovelyn Bacus Cagadas (Cagadas) and 3.) Mary Jane Mosqueda (Mosqueda). Unfortunately, Nabuchi did not received the 1.9 million (paid over a period of time from November to December 2015) in promised returns.10 In Nabuchi's complaint, she claims that sometime in September 2015, she

same in the bank accounts under the name of Ignacio. However, Inocentes did in the USA. Inocentes attached screen-shots of facebook pages showing the Facebook, by Annaliza Ignacio (Ignacio) to invest in Pretty Pink Money Tree Investing. Ignacio also promised Inocentes a similar investment scheme. This enticed Inocentes to invest in Pretty Pink (over a period of time from November to December 2015) the aggregate amount of Php 53,000.00 by depositing the not receive the promised returns. Because of this, she confronted Ignacio but the San Roque, Ozamis City through the following money remittance services: latter told her that she remitted the invested money to the founder of Pretty Pink promotions of Pretty Pink. She also presented screen-shots of facebook pages showing the bank accounts and money remittance services where an investor could place his investment to wit: 1. Carpio; 2.) Cagadas;3.) Margie C.Anuada Palawan,Western,Cebuana. In Inocentes' complaint, she claims that she was invited, through

6 Paragraph 4 of the Motion and Article I,Note 2.supra. AnnexCof the Motion 9 Annex "D" of the Motion 7 Computer print-outs of facebook pages of pictures and promotions of Pretty Pink copies of Team Leader IDs, Bank Deposit Slips, money remittance slips. I0 Note 8, supra. I1 Note 9, supra.

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SEC CDO Case No.07-16-032 Page 3 of 1 1

Holdings Co., Inc.", a.k.a. Pretty Pink Online Shoppe, Pretty Pink Money Tree, Extension Office (SEC-CDO) stating that a corporation named "Pretty Pink Pretty Pink or Carissa Love, is soliciting investments from the public. SEC-CDO Was able to obtain a complaint-affidavit, supported by documents13, from Ms. Bernadeth B. Cabaneros (Cabaneros). On 26 April 2016, EIPD received a report12 from SEC Cagayan De Oro

locally and internationally prior to its incorporation as PPHCI with the presented pictures and screen-shots of facebook pages evidencing Pretty Pink's Php 3,500.00. However, this time she has not received any return of her investment. She avers that Pretty Pink has been operating an investment scam following tradenames: Pretty Pink Money Tree, Pretty Pink and Carrissa Love. Cabaneros also claims that Pretty Pink Online Shoppe is being managed by Mosqueda, the trusted person of Jones. She further avers that Pretty Pink has been soliciting investments from students, employees, drivers and OFWs. She she invested Php 500.00 in Pretty Pink and after thirty (30) days she received Php 1,250.00 as return of investment. Thus, she invested again the amount of Commission. She also states that Pretty Pink's founder, Charistine Jones, uses the promotions and solicitation of investment. In Cabaneros's complaint, she claims that sometime in September 2015

alleged investment-taking activities. On 06 May 2016, an EIPD team conducted summoned PPHCI's incorporators for a conference15. an ocular inspection and surveillance operation at PPHCI's principal office as the ocular inspection as the identified area was residential but instead EIPD stated in its Articles of Incorporation14. However, the team did not pursue with This prompted EIPD to conduct an investigation on Pretty Pink or PPHCI's

said that Jones is a Filipino from Ozamis City, Misamis Occidental but presently residing in California, USA. These incorporators informed EIPD that payments of their investments are made through bank deposits, online bank transfers or 2.) Eufrocina M. Ignacio; 3.) Manuel M. Ignacio; 4.) Florencia M. De Guzman; 5.) Dimple Joy S. Manuel, appeared before the EIPD. During the conference, PPHCI's incorporators revealed that Charistine Jones is the founder of Pretty Pink. They money remittance services under the names of Pretty Pink's staff in its Ozamis office, namely: Mosqueda, Cagadas and Carpio. All of the incorporators alleged that they are also victims of Jones.16 On 20 May 2016, PPHCI's incorporators namely: 1.) Annaliza M. Ignacio;

EIPD asking for a copy of the complaint. She reiterated what she and Ignacio told On 25 May 2016, Dimple Joy S. Manuel (Manuel) appeared again before

13 Affidavit of Cabaneros. facebook pages of pictures and Chatiogs promoting Pretty Pink. I5 Annex * I" of the Motion. I2 Annex F of the Motion. 14 Annex"H"of the Motion 16 Annex J"~ of the Motion.

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EIPD during their 20 May 2016 conference. She also averred that she was not recruited by Ignacio but voluntarily placed an investment in Pretty Pink, through Jones' staff. She informed the EIPD that the PPHCI's incorporators will be filing a complaint against Jones since they are also victims of the said investment scam17

Ignacio's Joint Sworn Statement18. On 10 June 2016, EIPD received another Sworn Statementi9 of Manuel. On 03 June 2016, Manuel appeared before EIPD submitting her and

remittance slips to support their allegations. have invested in Pretty Pink but was not able to receive any return of their investment. They presented documents such as waivers, pictures, and claimed that they are also victims of Jones' investment scam. They claimed to In the submitted Joint Sworn Statements of Ignacio and Manuel, they

Statement2o of all of PPHCI's incorporators. It appears that the Joint Sworn Statements of PPHCI's incorporators are of similar content with the earlier joint sworn statement of Ignacio and Manuel. Thereafter, on 20 June 2016, EIPD again received a Joint Sworn

Markets and Securities Regulations Department (MSRD) and Corporate Governance and Finance Department (CGFD) stating that Pretty Pink Money Tree Investing, Pretty Pink the Blessing Tree, Pretty Pink Holdings Co., Inc. have no license to offer or sell securities. Subsequently, EIPD secured Certifications21 from the Commission's

Pretty Pink the Blessing Tree, and/or Pretty Pink Holdings Co., Inc. was not Investment House and Transfer Agent nor is there any pending application for the said secondary licenses.22 Department (CRMD) issued a certification that Pretty Pink Money Tree Investing, issued a secondary license as a broker and/or Dealer of Securities, Dealer in Government Securities, Investment Adviser of an Investment Company, Furthermore, the Commission's Company Registration and Monitoring

on the allegations and evidence presented in the Motion. The foregoing considered, we now resolve the case on the merits based

We find merit in the Motion.

scheme is a type of investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Its Pretty Pink or PPHCI's business model is a classic "Ponzi scheme". A Ponzi

21 Annexes "P* and *Q" of the Motion. 22 Annexes "R" of the Motion. 20 Annex~O of the Motion 17 Annex ~K" of the Motion. 19 Annex "N" of the Motion. 18 Annex~Mof the Motion

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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 strategy but a gullibility scheme, which works only as long as there is an ever investors are profiting from a legitimate business.It is not an investment increasing number of new investors joining the scheme23. promised payments to earlier-stage investors to create the false appearance that

or PPHCI also promises an investor a money-bank guarantee of his investment. Pretty Pink, though Jones, represents to its investors that it is investing the promises investors up to 250%24 return/profit for a minimum investment of Php 500.00 up to Php 500,000.00 within 30 days without doing anything. Pretty Pink collected investments/monies in gold and diamond bidding in the USA. It is common in Ponzi schemes that its perpetrators make it appear that there exists a legitimate business where in fact there is none at all. A judicious examination of the records indicate that Pretty Pink or PPHCI

participation or interests in a corporation or in a commercial enterprise or contract.26 As a rule, Securities should not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed profit-making venture and evidenced by a certificate, contract, instrument whether written or electronic in character"25 and includes an investment with and approved by the Commission27. Pretty Pink's scheme can be considered as securities which are "shares

contracts28. An "investment contract" means a contract, transaction or scheme (collectively contract') whereby a person invests his money in a common 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 created when two (2) or more investors 'pool' their resources - creating a property of others on the promise of profits. A common enterprise is deemed Securities have different forms and one of which are investment

common enterprise,even if the promoter receives nothing more than a broker's commission.

Co.29 and SEC v. Glenn Turner Enterprises, Inc. 30. It has since been adopted in the Philippines, in the case of Power Homes Unlimited Corporation v. Securities and origin.It traces its roots from the US Supreme Court cases of SEC v.W.J.Howey The concept of an investment contract in the Philippines is of American

23 People of the Phiippines vs. Palmy Tibayan and Rico Z. Puerto.G.R. No. 209655-60. January 14. 20 15. 29328 U.S.293.66S.Ct.1100,90 LEd.1244,163 A.LR.1043 (1946) 30 474 F. 2d 476, 414 U.S. 821, 94 (1973) 26 Section 3.1.(b), Id. 27 Section 8.1.of the SRC. 28 Section3.1.b) of the SRC 24 Note 10. supra. 25 Section 3.1., Securities Regulation Code (SRC).

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Exchange Commission31, where the Supreme Court held that an investment contract in our jurisdiction, to be a security subject to regulation by the Commission, must have the following elements: (1) an investment of money; (2) in a common enterprise; (3) with expectation of profits; and (4 primarily from efforts of others.

deriving profits from them, he or she is in fact investing in a security.32 over his or her funds and submits their control to another for the purpose of Under the foregoing definition, whenever an investor relinquishes control

of complainants and documents, the four (4) requisites of an investment contract, to wit: In the instant case, EIPD was able to establish, through sworn statements

enterprise or venture in a manner that subjects himself to financial loss.33 Based An investment of money occurs when an investor commits money to an

on the evidence presented,investors place a minimum amount of Php 500.00 up to a maximum amount of Php 500,000 in Pretty Pink by depositing the same in particular bank accounts or using money remittance services under the names of Jones, Mosqueda, Carpio, and Cagadas.

The monies of investors are funneled to the bank accounts (under the

Thereafter, these investors were promised that their investments will be names of Jones, Mosqueda, Carpio and Cagadas controlled by Pretty Pink doubled after a period of 30 days. The common enterprise is pooling of the

dubious and apparently nothing more than from the monies invested by new investors' money in Pretty Pink while the source of the promised returns is investors/recruits.

of the said amount within a period of 30 days. Hereunder is a table34 showing the pay-ins and pay-outs of the scheme: The returns or profits for a minimum investment of Php 500.00 is 250%

8,000 500 1,000 2,000 3,000 4,000 5,000 6,000 7,000 PAY IN 20,000 5,000 1,250 2,500 7,500 10,000 12,500 15,000 17,500 PAY OUT 1,200.00 75.00 300.00 450.00 600.00 900.00 150.00 750.00 1,050.00 LEADER TEAM 600.00 150.00 150.00 150.00 300.00 300.00 600.00 600.00 450.00 OVERSEAS 40.00 20.00 20.00 30.00 30.00 10.00 DONATION 1,025.00 2,200.00 6,740.00 9,080.00 18,160.00 11,280.00 13,620.00 15,820.00 NET

34 Screen-shot of a facebook page attached to Inocentes Affidavit. 31 G.R. No. 164182, 26 February 2008 32 Investment Co. Institute v.Camp.274 F. Supp. 624 (D. D.C. 1967) 33SEC.InternationalMining Exchange Inc.515F.Supp.1062

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500,000 9,000 80,000 100,000 20,000 30,000 40,000 50,000 60,000 70,000 90,000 300,000 400,000 10,000 200,000 22,500 25,000 200,000 1,000,000 1,250,000 50,000 75,000 100,000 125,000 150,000 175,000 225,000 500,000 750,000 250,000 1,350.00 1,500.00 7,500.00 75,000.00 3,000.00 4,500.00 6,000.00 9,000.00 30,000.00 45,000.00 10,500.00 12.000.00 13,500.00 15,000.00 60,000.00 750.00 1,500.00 3,000.00 5,250.00 7,500.00 15,000.00 750.00 2,250.00 3,750.00 4,500.00 6,750.00 30,000.00 37,500.00 6,000.00 22,250.00 40.00 1,000.00 50.00 100.00 450.00 500.00 2,000.00 2,500.00 150.00 200.00 250.00 300.00 350.00 400.00 1,500.00 22,700.00 222,500.00 1,135.00.00 20,360.00 45,400.00 90,800.00 181,600.00 454,000.00 68,100.00 113,500.00 136,200.00 158,900.00 204,300.00 681,350.00 908,000.00

3rd, 4th and 5th columns (Team Leader, Overseas, Donation) are the deductions from the Pink. The 2nd column (Pay Out) are the amounts of the promised returns to investors. The *In the table above, the 1st column (Pay In) are the amounts placed by investors in Pretty amount of Pay Outs. The 6th column (Net) is the amount actually paid/remitted to investors.

must depend primarily from the efforts of others. In Turner35, the US Supreme Court adopted a more realistic test which is:"whether the efforts made by those To be considered as an investment contract, the expectation of profits

other than the investors are undeniably significant ones, those essential managerial efforts which affect the failure or success of the enterprise".

investment scheme and thereafter wait for the promised returns for a period of 30 days. There is no contributory effort on the part of the investor. Put differently, the critical determinant of the success of Pretty Pink's business lies In the case at bar, an investor simply places his money in Pretty Pink's

on the success of its promotional scheme in recruiting investors.

PPHCI is found to be offering/selling investment contracts to the public. Finding all the elements of an investment contract present, Pretty Pink or

As enunciated in Power Homes36, thus:

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

35 Note 28, Supra 36 Note 28 Supra

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not authorized to offer/sell securities in the form of investment contracts to the public. Moreover, it is not licensed as a broker, dealer salesman or associated person to offer/sell securities to the public as per CRMD certification. In the instant case, certifications from MSRD and CGFD show that PPHCI is

the persons acting for it. In view of the above discussions, we see three (3) violations by PPHCI and

involved are exempt securities or exempt transactions which are not covered by with and approved by the Commission.37 Prior to such sale, information on the of securities in the form of investment contracts which need prior registration distribution within the Philippines, without a registration statement duly filed prescribe, shall be made available to each prospective purchaser.38 As discussed above, Pretty Pink or its known aliases is engaged in the offering and/or selling with the Commission. the requirement of registration, securities shall not be sold or offered for sale or securities, in such form and with such substance as the Commission may First, the non-registration of securities. Under the SRC, unless what is

dealer, or act as a salesman, or an associated person of any broker or dealer unless registered as such with the Commission.39 In the instant case, Pretty Pink or its known aliases and/or all persons acting for and on their behalf are acting as either broker or dealer without being registered as such. person of any broker or dealer.The law provides that no person shall engage in the business of buying or selling securities in the Philippines as a broker or Second, the non-registration as broker, dealer, salesman, or associated

to the exercise of the powers so conferred.40 In that instant case, PPHCI's primary exercise any corporate powers except those conferred by the Corporation Code or by its Articles of Incorporation and except such as are necessary or incidental purpose does not include that it can engage in the business of soliciting and accepting investments and money placements from the public. Third, the commission of ultra vires acts. No corporation shall possess or

immediately be enjoined pursuant to Section 64 of the SRC which provides that: The violations committed by Pretty Pink or PPHCI and its agents should

investors or is otherwise likely to cause grave or irreparable injury or prejudice to the investing public. Section 64. Cease and Desist Order. - 64.1. The Commission, after proper investigation or verification, motu proprio or upon verified complaint by any aggrieved party, may issue a cease and desist the act or practice, unless restrained,will operate as a fraud on order without the necessity of a prior hearing if in its judgment

39 Section 28.1, RC. 37 Section 8. 1, SRC. 40 Section 45, Corporation Code of the Philippines. 338

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investigation or verification41. In the instant case, EIPD received sworn Commission may issue a cease and desist order: First, there must be a proper statements of Nabuchi, Inocentes and Cabaneros alleging the investment scheme they were invited by EIPD for a conference. Moreover, PPHCI's incorporators establish, through sworn statements and documentary evidence, that Pretty Pink or PPHCI are offering/selling securities in the form of investment contracts of Pretty Pink.These allegations were confirmed by PPHCI's incorporators when even filed sworn statements confirming the statements of Nabuchi, Inocentes and Cabaneros. EIPD was able to collate documents from these sworn statements without a license from the Commission. evidencing Pretty Pink's investment scheme. EIPD was able to sufficiently From the foregoing, there are two essential requisites before the

will not discuss the same since we are resolving the administrative issue on the As to PPHCI's incorporators' claim that they are also victims of Jones, we

propriety of a cease and desist order. Their possible criminal liability shall be passed upon in the separate criminal investigation.

has already defrauded several complainants by enticing them to invest without will operate as a fraud on investors or is otherwise likely to cause grave or irreparable injury or prejudice to the investing public42. It should be noted that without a license from the Commission, Pretty Pink or PPHCI's investment- latitude in crafting and implementing its investment schemes, and if it remains unregulated or unsupervised,likely defraud the investing public. And in fact,it paying the promised profit. taking activities cannot be regulated nor supervised. Thus, it would have a wide Second, there must be a finding that the act or practice, unless restrained,

Supreme Court expounded on the Commission's duty on the protection of the investing public, to wit: In Primanila Plans, Inc. vs. Securities and Exchange Commission43, the

"The law is clear on the point that a cease and desist order may be from a verified complaint from an aggrieved party.A prior hearing is also not required whenever the Commission finds it appropriate to issued by the SEC motu proprio, it being unnecessary that it results issue a cease and desist order that aims to curtail fraud or grave or irreparable injury to investors. There is good reason for this SEC is obliged to protect." provision, as any delay in the restraint of acts that yield such results can only generate further injury to the public that the

in the Commission, PRETTY PINK HOLDINGS CO., INC. also known as PRETTY WHEREFORE, premises considered and pursuant to the authority vested

43 G.R. No. 193791, August 6, 2014. 41 Securities and Exchange Commission vs. Performance Foreign Exchange Corporation, GR No 154131. July 20,2006 42 b

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PAIN OF CONTEMPT, from engaging in activities of selling and/or offering for sale securities in the form of investment contracts or any others of the same by the Commission and the corresponding to offer/sell is issued. MARY JANE MOSQUEDA, JUNNA ROSE CARPIO, JOVELYN BACUS CAGADAS its partners, officers, directors, agents, representatives, conduits, assigns, and any and all persons claiming and acting for and in behalf and under their nature until the requisite registration statement is duly filed with and approved PINK, PRETTY PINK ONLINE SHOP, PRETTY PINK MONEY TREE, CARRISA LOVE, PRETTY PINK MONEY TREE INVESTING and CHARISTINE A.JONES authority are hereby ordered to IMMEDIATELY CEASE AND DESIST44,UNDER

relating to above-stated investment activities. The Commission will institute the appropriate administrative and criminal action against any persons or entities found to act as solicitors, information providers, salesmen, agents, brokers, dealers or the like for and in behalf of the subject corporations. Furthermore, the subject corporation is directed to cease its internet presence

Treasurer, In-House Counsel or partners; 2) post copies of the Order at the entrance of the main office and/or branches, if any, of PRETTY PINK HOLDINGS CO., INC. HOLDINGS CO., INC., its President, General Manager, Corporate Secretary The EIPD is hereby DIRECTED to: 1) serve this Order to PRETTY PINK

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

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

44 Section 64.1, SRC, The Commiionater proper investigation or verification.moru propi or upon verifed complaint by any aggrievea partymay issue a cea 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. desist order without the necessity of a prior hearing if in its judgment the act or

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the 2006 Rules of Procedure of the Commission, the parties subject of this Cease and Desist Order may file a request for the lifting thereof within five (5) days from receipt hereof. In accordance with the provisions of Sec. 64.345 of SRC and Sec. 10-3 of

FAIL NOT UNDER PENALTY OF LAW

SO ORDERED.

Pasay City, Philippines; 09 August 2016

TERESITA J. HERBOSA Chairperson

xai aa MANUELHU Commissioner TO B.GAITE ANTONIETA F.IBE Commissioner

EPHYRO LUIS B. AMATONG 1WX BLA JAMESGWITERBO

Commissioner ICommissioner

the hearing.If the Commission fails to resolve the rcqucst within the time herein prescribea, tne cease ana aesist order shall 45 sRC. Section 64.3. Any person against whom a cease and desist order was isued may, within five (5) days from receipt of the order,file a formal request for a lifting thereof. Said request shall be set for hearing by the Commission not later than automatically be liftea fifteen (15) days from its filing and the resolution thereof shall be made not later than ten (10) days from the termination of