Home News SEC Issues Cease-and-Desist Order Against Immensity Technology

SEC Issues Cease-and-Desist Order Against Immensity Technology

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SEC Issues Cease

A Cease-and-Desist Order (CDO) has been issued by the Securities and Exchange Commission (SEC) against Immensity Technology Inc. for selling securities and investments without having the appropriate securities and licenses to solicit them.

The Securities and Exchange Commission discovered that Immensity Technology Inc. was maintaining and operating a mobile application called Saga AI. This application, which can be downloaded from the app store, can record and provide information on the real-time prevailing currency price difference between significant exchanges. This information will allow traders to make a quick profit.

Immensity Technology Inc. offers unregistered securities in the form of an investment contract to the public for ₱1,650 to ₱110,000, with guaranteed monthly earnings of ₱660 to ₱61,710 depending on the number and type of Saga AI robot they rent.

The commission also said that a secondary license to sell securities and investments had not been given to the company.

To protect investor assets, the commission prohibits Immensity Technology Inc., its fellow incorporators, and all individuals, conduit entities, and subsidiaries claiming and acting on its behalf from engaging in any business involving funds in its depository banks and from transferring, disposing of, or conveying any assets, properties, or bank deposits.

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