SEC shuts down fake wealth advisory firm that sought P5M from victims

The Securities and Exchange Commission has shut down Boracay Capital Holdings Inc. by revoking its corporate registration for offering securities without the required licenses.

In a Sept. 4 order, the SEC’s enforcement and investor protection department cited violations of Section 6(i) of Presidential Decree 902-A. Boracay Capital misrepresented its business activities, claiming to offer strategic global advisory and wealth management services. 

The company also solicited investments of P5 million from the public, promising returns from stocks and bonds. 

This offer was made without proper SEC registration, violating the Securities Regulation Code. 

Additionally, Boracay Capital failed to file required financial documents and has no pending applications for a securities license.