2019
SEC ADVISORY
The public is hereby warned concerning the investment taking activities of ALMAMICO/ALAMCCO.
ALMAMICO/ALAMCCO is enticing the public to become their member through an investment opportunity. The scheme is to offer 35% interest per month of the invested money, a promised interest rate that is too high to sustain their claims that every member will receive as long as the cooperative operates.
Per verification, ALMAMICO (Alabel-Maasim Small Scale Mining Cooperative)/ALAMCCO (Alabel-Maasim Credit Cooperative) is NEITHER registered as a corporation NOR as a partnership. Thus, NOT being registered with this Commission as a corporation nor as a partnership, it is with more reason that they are NOT allowed to offer, solicit, sell or distribute any investment/securities from the public as the same requires a secondary license for such activity.
As we always keep on reminding the public, such investment opportunities are in the nature of investment contracts, which in turn are considered as securities subject to the regulatory authority of this Commission. The offering or sale of securities to the public without a permit or license from the...
