The Securities and Exchange Commission (SEC) ordered the Astrazion Group to stop its illegal cryptocurrency-themed investment scam.
The SEC issued a cease and desist order against Astrazion Noble Task Community Foundation, Astrazion Global Holdings Philippines Inc., and Astrazion International via an order dated May 12 this year.
It said the companies were engaging in the “unlawful/unauthorized solicitation, offer and/or sale of securities until it has filed the requisite registration statement and secured the necessary approval from the SEC.”
The SEC said its Enforcement and Investor Protection Department discovered that Astrazion was operating an online multilevel marketing platform promoting the sale of a digital currency token, AZNT, and enticing buyers to invest for a chance to earn significant returns.
Investors were promised the digital tokens would also be listed on reputable exchanges.
“The group was found to be offering seven packages with guaranteed returns of 3 percent per day,” the SEC said.
The starter package worth $100 could yield $300 in 100 days, while the double platinum package guarantees $30,000 during the same period from an initial investment of $10,000, the agency added.
The SEC added that Astrazion Group also promised investors “residual income and direct referral income distribution.”
Unregistered sales
Payouts will then be released through the Coins.ph mobile app.
“The scheme…
