SEC advised the public not to invest in ‘CAREFUND’
The Securities and Exchange Commission (SEC) advised the public not to invest in Christiano Alberto Real Estate Fund (CAREFUND).
This, as the Securities and Exchange Commission released an advisory on CAREFUND last September 3, 2020.
In its advisory, SEC said that its records showed that “CAREFUND” wasn’t registered as either corporation, partnership, or association and wasn’t authorized to offer its investment scheme to the public — which constituted securities — without a registration statement that was duly filed withand approved by the Commission under Section 8.1 of the Securities Regulation Code (SRC).
The investment scheme that was being offered by CAREFUND, according to the Commission, involved the offer and sale of securities to the public.
In addition, the Securities and Exchange Commission advised the public to stop investing in that kind of investment activity and also to take the necessary precautions in dealing with CAREFUND and/or its representatives.
Aside from the strict penalties that were being imposed by the Commission for violations of the Securities Regulation Code, the Revised Corporation Code, and other rules and regulations it enforced, the Securities and Exchange Commission reminded the public that the “Bayanihan to Heal as One Act” (Republic Act No. 11469) also punished those who participated in cyber incidents that take advantage or make use of the current crisis situation in order to prey on the public via scams, fraudulent emails, phishing, or other similar acts.
You can read SEC’s full advisory through this link.
To recall, Christian Albert Gaza – also known as Xian Gaza – was the Chief Investment Officer of CAREFUND.
It was last June when his “Xian S. Gaza” Facebook account was disabled due to mass reporting, adding that the said platform considered his account as a “public figure” or a “well-known person”.
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