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Manila Bulletin devider Business devider The Stock Market devider SEC halts Fortune Wave, PU Prime in investment scam crackdown

SEC halts Fortune Wave, PU Prime in investment scam crackdown

Published Jul 9, 2025 03:40 pm
The Securities and Exchange Commission (SEC) has issued a cease and desist order (CDO) against the Fortune Wave Group and the PU Prime Group (Pacific Union LLC, PU Prime Philippines, and PU Prime Support PH) for soliciting investments from the public without the necessary approvals from the SEC.
In an order dated June 19, the SEC Commission En Banc directed PU Prime to immediately stop offering or selling unregistered securities in the form of shares, bonds, and other debt securities, options and warrants, stocks, futures, and contracts for difference (CFD) to the public.
The CDO also covers several individuals, including PU Prime’s representatives, salesmen, solicitors, agents, uplines, enablers, influencers, and any persons claiming and acting on its behalf.
In addition, they were prohibited from transacting any business involving the funds in their depository banks and from transferring, disposing of, or conveying any assets to preserve the assets of the investors.
The Commission issued the order after the SEC Enforcement and Investor Protection Department (EIPD) found PU Prime to be engaged in offering and selling of unregistered and leveraged trading services without registration as a corporation or as a partnership with the Commission, as well as the secondary license to act as broker or dealer of securities.
These trading services are securities in the form of futures, CFDs on commodities, shares, bonds, and other debt securities, options and warrants, foreign exchange, and margin contracts.
Under its scheme, PU Prime requires prospective investors to make investments ranging from $50 to $10,000. The amount is placed in a bank specified by the company and will be used in trading foreign currency or investing in CFDs.
It promises guaranteed monthly returns of 10 percent of the invested amount and a 100 percent deposit bonus on first deposits, a strategy commonly used to attract investors in high-risk trading schemes.
The SEC also issued a CDO against Fortune Wave Solution Hub OPC, Fortune Wave Trading, Fortune Wave Trading PH, and certain individuals for the unauthorized solicitation of investments from the public.
In an order dated July 3, the SEC Commission En Banc directed the Fortune Wave group to immediately cease and desist from offering or selling unregistered securities in the form of investment contracts without the necessary license from the Commission.
The order also covers individuals named Guiller King Ortile, Jasmine Nicole Bautista, and Rafaella Marie Castillo, and the Fortune Wave group’s owners, agents, representatives, salesmen, uplines, promoters, influencers, enablers, conduit entities, subsidiaries, as well as all persons claiming and acting for and on their behalf.
The issuance of the CDO comes after the SEC Enforcement and Investor Protection Department found the group to be offering and selling investment contracts on Facebook through various daily plans ranging from ₱1,000 to ₱500,000.
Under the scheme, investors are promised yields ranging from three percent to 330 percent, with a 100 percent money-back guarantee.
However, records with the SEC show that the Fortune Wave group has no secondary license to operate as a broker/dealer of securities. Likewise, it is not a registered issuer of any securities or mutual funds, including exchange-traded funds, proprietary/non-proprietary shares, or membership certificates and timeshares.
“Considering that Fortune Wave and its agents have no license to offer or sell securities, and have not secured the registration of these securities with the Commission… On account thereof, this Commission finds that the issuance of the CDO against Fortune Wave and its agents is warranted to protect the investing public from investing in unregistered securities which have not complied with the minimum regulatory requirements prescribed by law, rules, and regulations,” the SEC said.

Related Tags

Securities and Exchange Commission Pacific Union LLC PU Prime Philippines Fortune Wave Trading Fortune Wave Solution
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