Philippines SEC bans AI Quest Trading over unlicensed investment scheme

• —Three investment packages: 30% in 7 days, 70% in 15 days, 150% in 30 days
• —The company is unregistered and has no license to sell securities
• —The scheme was deemed an investment contract under the Howey test and a violation of the SRC
• —Promoters face fines of up to 5 million pesos and up to 21 years in prison