SEC revokes NWorld's registration due to alleged fraud

ABS-CBN News

Posted at Aug 11 2022 01:55 PM


MANILA - The Securities and Exchange Commission on Thursday said it has canceled the corporate registration of Alphanet World Corp or NWorld due to alleged fraud in obtaining its certificate of incorporation.

In a statement, the SEC said its Registration and Monitoring Department (CRMD) found out that the company provided an invalid Tax Identification Number (TIN) in the Articles of Incorporation it submitted to the Commission.

“[T]he use of an invalid and false TIN on [NWorld’s] Articles of Incorporation constitutes fraud in the procurement of the certificate of registration, which is a valid ground for the revocation of the Corporation’s Certificate of Incorporation,” the order read.

TIN numbers are essential requirement in all applications handled by government agencies, the SEC said. 

The SEC earlier issued a cease and desist order against NWorld for illegal solicitation of investments from the public. The CDO was declared permanent on July 19, it added.

NWorld offers investment packages priced from P4,750 to P19,000 in exchange for NWorld products and a guaranteed monthly return of up to P127,000, as well as other discounts and referral bonuses from recruits. 

 RELATED VIDEO:

Watch more News on iWantTFC