SEC Facebook

This ADVISORY is prompted by complaints from victims of
SPAV SOLUTIONS
CORP. DOING BUSINESS UNDER THE NAMES AND STYLES OF EMPORIA INSTITUTE,
EMPORIA (FORMERLY SPAV SOLUTIONS CORP.)
(“SPAV SOLUTIONS
CORP.
”
for
brevity
)
headed by
Mr. James Ryan A. Sumilang and Mr. Neilbert Abella
as its
Chairman & President and Vice
–
President respectively.
The public is hereby informed that
based on the Commission’s database,
SPAV
SOLUTIONS
CORP.
is registered with the Commission with
Company Registration No.
CS201815812
which authorizes it to engage in the business of a consultancy firm, but it is
NOT AUTHORIZED
to solicit investments/placements from the public nor to issue
investment contracts an
d other forms of securities since
it has not secured prior
registration and/or license from the Commission as prescribed under Sections 8 and 28
of the Securities Regulation Code
.
SPAV SOLUTIONS
CORP.
,
through its officers, James Sumilang and Neilbert
Abella, had
engaged in the operation of supposed foreign currency exchange trading
business and had accepted investments from their colleagues and acquaintances
in
different accounting firms.
Based on the i
nformation gathered,
SPAV SOLUTIONS
CORP.
appears to be engaged in investment
–
taking activities not authorized by the Commission.
James Sumilang and Neilbert Abella
enticed the public to invest their money in
SPAV
SOLUTIONS
CORP.
with a promise of up to
three percent (3%) of the total pool of
managed funds or an average of 30% for a three (3) months trading period
.
Accordingly,
SPAV SOLUTIONS
CORP.
would send the victims a
Percentage
Allocation Money Management Services (“PAMM CONTRACT”) e
ntered into betw
een the
victims and James Sumilang and Neilbert Abella as the “Fund Managers”.
SPAV SOLUTIONS CORP
would send monthly PAMM Performance report and email
such
report to the victims allegedly under the name of Primus Global Ltd.
indicating therein a
supposed trading sheet for the pool of funds and a separate email for a sample
computation of
the victims
’ investment from the initial capital until the ending equity
after management fees.
On or before 16 March 2020, at the onset of
the pandemic, James Sumilang and
Neilbert Abella planned to set up a new company which would continue their foreign
exchange trading scheme. They offered their victims the opportunity to be a stockholder
of the new company called
“S & A Enterprise Inc.”
Th
e victims executed a document
entitled, Pre
–
Incorporation Subscription
which acknowledges the
spurious
conversion of
their accumulated earnings into stock subscription or stock purchase.
The Commission
,
to protect the investing public, issues Advisories intended to
warn the public on investment scams proliferating in our country and that based on
information received by the SEC, there are certain companies, entities and individuals
engaged in business op
erations with apparent indications of illegal investment
–
solicitation activities.
Do take note that offers of investment opportunities that are in the nature of
“investment contracts,” which are classified as “securities” under the Securities
Regulation C
ode needs to be registered with the Commission and that the company and
individual representatives thereof offering and selling the same needs to be licensed and
registered as broker in securities and salesmen, respectively.
Thus, we always remind the p
ublic to be cautious in investing and to make
investment decisions wisely:
1.
By conducting due diligence as to the actual operation of the company
offering the investment to determine the primary sources of its income;
2.
Avoiding investments
offering
unrealistic returns
; and
3.
By taking into consideration the compliance with the applicable laws.
The public is hereby advised
NOT TO INVEST
or
STOP INVESTING
in any
investment scheme being offered by any individual or group of persons allegedly for or
on b
ehalf of
SPAV SOLUTIONS CORP
and to exercise caution in dealing with any
individuals or group of persons soliciting investments for and on behalf of said entity.
Those who act as salesmen, brokers, dealers or agents of
SPAV SOLUTIONS CORP.
in selling or convincing people to invest in the investment scheme being offered by this
entity including solicitations and recruitment through the internet may likewise be
prosecuted and held criminally liable under Section 28 of the SRC and penalized wit
h a
maximum fine of Five Million pesos (P5,000,000.00) or penalty of Twenty
–
one (21) years
of imprisonment or both pursuant to Section 73 of the SRC.
Also, those who invite or recruit others to join or invest in such venture or offer
investment contracts
or securities to the public may incur criminally liability, or
otherwise be sanctioned or penalized accordingly as held by the Supreme Court in the
case of
Securities and Exchange Commission vs. Oudine Santos (G.R. No. 195542, 19 March
2014)
.
This Depart
ment is taking
appropriate action against unauthorized investment
taking activities and investment scams. Hence, if you have been approached
and invited
to join and invest in
SPAV SOLUTIONS CORP
or any
entity which does not have the
proper authority to so
licit investments/placements from the public,
we encourage you to
cooperate with us
and
immediately report these activities to the
ENFORC
E
MENT AND
INVESTOR PROTECTION DEPARTMENT
through email
at
epd@sec.gov.ph
For the guidance of the public.
Pasay City,
12
August
2021