REGULATORS have revoked the registration of two local real estate firms for engaging in “boiler room” operations.
The Securities and Exchange Commission (SEC), in an en banc decision dated Dec. 16, also placed the incorporators of the companies -- DGF Group, Inc. and Fletcher’s Group, Inc. -- under its watch list.
The SEC’s Enforcement and Prosecution Department filed a petition to revoke the registration of the two firms last September.
Boiler room operations refer to the use of deceptive and misleading sales tactics to persuade investors to buy stocks and investments of low or no value. In 2007, investigators surveyed the principal offices of the DGF Group and Fletcher but the addresses stated in their articles of incorporation could not be located.
No comments:
Post a Comment