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SEC warns public vs Hasmadai investment scheme under new name

The Securities and Exchange Commission (SEC) has warned the public against investing in offerings by Hasmadai Foundation and other groups which were found collectively disguising now as Tabernacle House of Worship.

In a statement, the Commission said it has received information that Hasmadai has continued its operation under a new name.

SEC said it already ordered the Humanitarian and Spiritual Mission Apostolate of Davao and Asia, Spiritual Mission Apostolate of Davao and Asia, Inc., and Humanitarian Institute of Technology Corp., and their agents to stop soliciting investments from the public to support its “charity missions.”

“For the information of the public, Tabernacle House of Worship is not registered with the Commission as a Corporation, partnership or One Person Corporation and likewise not authorized to solicit investments from the public,” SEC said.

According to the SEC, the groups have operations within the Davao Region, Soccsksargen, Cotabato City, and Maguindanao Province.

“We are reminding the public to exercise caution when dealing with individuals or groups soliciting investments for and on their behalf,” the SEC said.

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