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SEC urged to probe religious group’s investment scheme

The Securities and Exchange Commission (SEC) has reportedly started investigating a religious organization allegedly soliciting investments in exchange for substantial financial returns in various areas in Mindanao.

Local media reports said that SEC-Davao Extension Office has started its inquiry on Thursday, April 25, regarding the organization’s registration status.

On April 22, the Sangguniang Bayan of San Francisco in Agusan del Sur issued a report urging the SEC to look into the activities of the Humanitarian and Spiritual Mission Apostles of Davao and Asia, Inc. (HASMADAI) for an alleged religious-themed investment scheme.

It also recommended the cancellation of the group’s SEC registration due to alleged violations of the corporation code and anti-aliasing laws. This after the founding chairman, Dante Encarnacion Tabusares, allegedly used a different name, Ralph Jimmy Calaor Gayatin, in SEC documents.

Tabusares has denied allegations of a fraudulent scheme.

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