September 10, 2019
SEC CDO CASE NO. 04-19-047
IN RE: ORGANICO AGRIBUSINESS VENTURES CORP.,
ENFORCEMENT AND INVESTOR PROTECTION DEPARTMENT, movant.
RESOLUTION
For consideration of the Commission En Banc (En Banc) is the Motion to Lift (With Qualification) Cease and Desist Order (Motion) filed by Organico Agribusiness Ventures' (Organico). 1
The Commission En Banc issued a Cease and Desist Order (CDO) dated 28 May 2019 against Organico after it found that the latter was engaged in the selling and/or offering for sale unregistered securities in the form of investment contracts to the public without the necessary secondary license from the Commission.
During the hearing 2 on the Motion, Organico through its counsels, manifested that Organico already ceased its operations even before it has been served with the CDO. According to Organico's counsels, its client is requesting for a period of six (6) months to return the amounts invested by its investors/clients. The Enforcement and Investor Protection Department (EIPD), on the other hand, argues that Organico should first submit to the Commission a list of its investors/clients with the corresponding amount of investment...