MANILA, Philippines – The Securities and Exchange Commission (SEC) has voided the license of Superbreakthrough Enterprises Corp., headed by Julius Allan Nolasco, for soliciting investments without the proper license and registration.
Superbreakthrough Enterprises Corp. was doing business 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,” the SEC said in a statement.
Based on investigation, the regulator found out that 1UP Time was not registered to sell or solicit investments to the public.
The SEC also said that it had also been tracking the activities of AlphanetWorld Corp. or NWorld, which shows a connection 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 has ordered a cease-and-desist order on Feb. 23, 2022 against NWorld for soliciting investments without a license.
Another order dated July 28, 2022 canceled its corporate registration for employing fraud in obtaining its certificate of incorporation.
1UP Times’s investment scheme involves the pooling of amounts invested by members to pay bonuses and rewards and ensure the continued operation of the corporation.
Investors were “guaranteed” profits from investment packages of as high as P28,000 in a day or P840,000 per month.
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