SEC issues cease and desist order vs Superbreakthrough Enterprises, Juluis Allan Nolasco
MANILA, Philippines — The Securities and Exchange Commission (SEC) has 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.
In a statement on Thursday, SEC confirmed that the the Commission En Banc directed the company to “immediately cease and desist from further engaging in the unlawful solicitation, offer, and/or sale of securities in the form of investment contracts without the necessary license from the SEC.”
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.
“The Commission also prohibited the company from transacting any business involving funds in its depository banks, and from transferring, disposing, or conveying any related assets to ensure the preservation of the assets of its investors. The company was likewise ordered to cease its internet presence relating to its investment scheme,” SEC said.
“The scheme involves the sale and offer of securities to the public 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, according to the SEC,” it added.
SEC explained that soliciting investments within the Philippines, 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.
SEC also clarified that while Superbreakthrough Enterprises is registered as a corporation, it did not have clearance to “sell or offer securities to the public.”
“While Superbreakthrough Enterprises is registered with the SEC as a corporation, it has not secured the required secondary license that will authorize it to sell or offer securities to the public, as provided under Section 8 of the SRC, in relation to Section 3 of the 2015 SRC Implementing Rules and Regulations,” SEC noted.
“The Commission En Banc also emphasized that Superbreakthrough Enterprises’ articles of incorporation specifically provides that it has no authority to solicit or accept investments from the public,” it added.
According to SEC, the order was issued after they continuously monitored the activities of companies under a certain Juluis Allan Nolasco.
Nolasco supposedly heads Superbreakthrough Enterprises and other investment companies flagged by SEC to stop the solicitation of investments.
“Mr. Nolasco has previously been the subject of a cease and desist order for his promotion of illegal investment activities through Alphanetworld Corporation, otherwise known as NWorld. The order was issued following the continued monitoring activities of the SEC Enforcement and Investor Protection Department over NWorld and Mr. Nolasco, which led to the discovery of the operations of Superbreakthrough Enterprises,” SEC explained.
“The packages, priced from P10,000 to P188,000, promised returns ranging from 25% to 35% worth of product discounts, recruitment bonuses, and other incentives,” it added.
INQUIRER.net has sought the side of Nolasco over the issue through his verified Facebook account, but he has not replied as of posting time.
This is not the first time though, as SEC has mentioned, that the investment scheme of a company supposedly owned by Nolasco was stopped. In February 2022, SEC also issued a Cease and Desist Order against investment firm Alphanetworld Corp.
Then last May, it was reported that SEC also voided the license of Superbreakthrough Enterprises over the similar reason.
