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The Securities and Exchange Commission (SEC) moved to revoke the license of Superbreakthrough Enterprises Corp., headed by Julius Allan Nolasco, for allegedly operating a “ponzi” like scheme.
The agency cited that Superbreakthrough Enterprises Corp. was operating under the name of “1UP Time.”
“On October 19, 2022, a surveillance operation was conducted by the agency at 1UP Time’s principal office and confirmed that the company was indeed operating onsite with the activities pertaining to its selling of product packages,” said the SEC.
The commission pointed out that 1UP Time was not registered to sell or solicit investments to the public.
The SEC was also monitoring the activities of AlphanetWorld Corp. or NWorld, which shows a link to 1UP Time.
“1UP Time and NWorld share several material common denominators as both are headed by one and the same president in the person of Julius Allan Nolasco. They share a common business address, and distribute similar products and product packages,” said the SEC.
“Furthermore, 1UP Time was incorporated at around the time while the administrative proceedings against NWorld were taking place, thereby creating a strong appearance that 1UP Time is a mere continuation of NWorld.”
The SEC issued a cease-and-desist order against NWorld on on Feb. 23, 2022 for soliciting investments without permit.
A following order dated July 28, 2022 canceled NWorld’s license over fraudulent means of obtaining certificate of incorporation.
1UP Times’s investment scheme involves the gathering amounts invested by members to finances the bonuses and rewards and ensure the continued operation of firm.
In return, investors were promised returns of as high as P28,000 in a day or P840,000 per month.
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