The Securities and Exchange Commission (SEC) has flagged Flint Technology Corp. for offering unauthorized investments to the public.
While the entity is registered as a corporation with the commission, the SEC stressed that it is not authorized to collect investments.
Flint Technology is run by Jan Andre M. Mercado and it is said to be a product of his other business, Signet Properties.
The entity also goes by Flint, Flint PH, and Flint Philippines. However, none of its other names are registered with the commission and none have licenses to collect investments from the public.
Flint is said to be a real estate crowdfunding platform powered by business financing platform SeedIn Technology, both of which are not registered as crowdfunding intermediaries or as funding portals.
“The scheme of Flint / Flint PH / Flint Philippines constitutes offering and sale of securities in the form of investment contracts to the public as its investors need not exert any effort other than to invest or place monies in its operation in order to receive profits,” the corporate watchdog said.
A minimum investment of P1,000 in Flint promises a 12% return per annum.
“Allegedly, the earnings will be taken from profits of the real estate investment that is offered to any person at any time,” the SEC said.
The commission is calling on the investing public to be cautious in investing activities and reminded to take precautions before engaging with Flint.
Sought for comment, Mr. Mercado said in a statement that his SEC-registered company had already filed its crowdfunding license application.
“Our legal team is prepared to work closely with the SEC in order to secure all necessary compliance requirements and abide with the current cf rules and regulations. We are confident to resolve any existing issue to protect the integrity of the company, as the welfare of the general public is what is of paramount importance to us,” he said.
“Rest assured flint is doing its best and is in constant communication with the SEC as we work hand-in-hand to ascertain a positive resolution for all parties involved,” he added. — Keren Concepcion G. Valmonte