The SEC has issued a cease and desist order to three religious organizations in Mindanao—Hasmadai Foundation Inc., Humanitarian and Spiritual Mission Apostulates of Davao and Asia Inc., and Humanitarian Institute of Technology Corp.—for allegedly soliciting investments disguised as donations.
These groups promised donors a monthly allowance of 27-34 percent of their contribution.
The scheme, led by Dante Encarnacion Tabusares, involved unregistered securities and violated the Securities Regulation Code.
The SEC and local authorities discovered these activities through investigations in Agusan del Sur.
