SEC flags unlicensed investment, crypto trading scheme

The Securities and Exchange Commission (SEC) has stopped two unauthorized investment schemes from taking in public funds, including one operating an online crypto-asset trading platform, as the regulator moves to protect investors from unregistered securities offerings.

In separate cease-and-desist orders, the SEC Enforcement and Investor Protection Department (EIPD) directed Nego Food Solution Corp. and Uptrade Alliance to immediately stop selling or offering unregistered securities without the required registration and licenses.

The orders also cover the entities’ officers, representatives, dealers, and other persons acting on their behalf. The order against Nego Food Solution specifically covers Noel B. Andres, Marko/Mark Marquez, and Celyn/Jocelyn Manzanero.

The SEC also barred both entities from transacting business involving funds held in their depository banks and from transferring, disposing of, or conveying assets under their control.

The restrictions are intended to preserve the assets for the benefit of investors.

“Both entities were also directed to cease their internet presence relating to the transactions and investment scheme covered by the orders,” the SEC said on Tuesday.