THE Securities and Exchange Commission has revoked the registration of New Seataoo Corp. and Seataoo Information Technology OPC and imposed a P1-million fine for unauthorized investment activities.In a May 10 order, the agency's Enforcement and Investor Protection Department said that Seataoo was soliciting investments from the public without the required license, in violation of the Securities Regulation Code .
The EIPD's investigation revealed that the company's operations involved elements of an investment contract, which required prior registration and approval from the commission.The agency also said it had received numerous complaints against Seataoo since last year for requiring sellers to pay for products upfront, which were then marketed as investments rather than retail transactions.