The corporate watchdog also rejected all motions from MFT Group and Foundry Ventures I, Inc., along with their associated officers, to lift the cease and desist order, a statement on Wednesday showed.
The SEC initially imposed the order last Jan. 16 after discovering the MFT Group had illegally solicited investments under the guise of loan contracts.
The Millennial Tan rose to prominence as a symbol for young entrepreneurs during MFT's prepandemic expansion into sectors like food, financial services, and healthcare.
In 2018, MFT reportedly controlled assets worth over P3 billion and had 280 staff across 10 countries. Investments listed on its website include Saladstop! Vietnam, Mondial Kidney Care Center, and Mimi & Bros restaurant.
The SEC’s probe revealed that MFT Group hosted public events where investors were promised high returns. In exchange, investors were promised a guaranteed profit of 12-18 percent per year.
The MFT Group also issued post-dated checks but these later bounced.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
