The Securities and Exchange Commission (SEC) has ordered AI Quest Trading, which promised guaranteed returns of up to 150% in 30 days through what it pitched as AI-assisted stock trading, and two other groups to stop soliciting investments from the public.
The SEC issued separate cease and desist orders against AI Quest, G’s Kicks Billard Hall, and NShop/M&N Online Shop/NFunds. The commission said none of them is registered as a corporation or partnership, and none has a license to sell or deal in securities.
The AI Quest order, dated September 15, names the group and Erica Aguilar. It was signed by Sheara L. Lupango-Tamayo, officer-in-charge of the SEC’s Enforcement and Investor Protection Department, and says the SEC received reports that they solicited investors through social media pages and a website, where people could register and choose from three plans.
The plans promised 30% in seven days for PHP 500 to PHP 5,000, 70% in 15 days for PHP 1,000 to PHP 50,000, and 150% in 30 days for PHP 5,000 to PHP 1 million, according to the order.
The department found prima facie evidence of ongoing violations of the Securities Regulation Code. It said investors pooled money on the promise of guaranteed profits from the efforts of others, which makes the scheme an investment contract that should have been registered.
The AI Quest order cites Sections 8, 26, and 28 of the code and says the scheme also constitutes financial fraud under the Financial Products and Services Consumer Protection Act.
The G’s Kicks order, dated September 8, names the group and Gabriel Fernandez Vasallo. It says Vasallo solicited investments on Facebook and other social media with what the order describes as risk-free or guaranteed returns of 8% to 10% in 30 days, plus claims of fast withdrawals. Investors’ money was pooled allegedly to open a new branch of its shoe business, the order says.
Both orders direct the respondents and anyone acting for them, including promoters, recruiters, uplines, and influencers, to stop offering securities and end their internet presence tied to the schemes. Both also bar them from transacting funds in their depository banks or transferring assets, including bank deposits, without SEC authority.
The SEC said in both orders that it can pursue administrative and criminal action against anyone found acting as a solicitor, agent, or salesman for the groups. Under Section 73 of the code, violations are punishable upon conviction by a fine of PHP 50,000 to PHP 5 million, imprisonment of seven to 21 years, or both.
Both sets of respondents may file a verified motion to lift the order within five days of receiving it or its posting on the SEC website, whichever is earlier.
NShop and its related names kept soliciting investments despite an SEC advisory issued against them as early as June 2026, the SEC said. It also found that NShop’s Nathalie Jean Bersamina ran lending activities through entities not registered as lending companies, in violation of Republic Act No. 9474.