Manila, March 23 -- The Securities and Exchange Commission (SEC) has revoked the certificates of incorporation of two firms over alleged illegal investment schemes and imposed a PHP1 million fine on each of their officials.

In a news release Monday, SEC identified the two firms as Valtoro Spartan Consultancy Corporation and Reason Land Ventures and Realty Development Corp.

Valtoro Spartan, according to SEC, was found to have offered, through its website and social media pages, five lock-in subscription plans promising investors returns ranging from 7.5 percent to as high as 912.5 percent within 15 days to one year, for a minimum capital of USD50 (approximately PHP3,000).

The company also offered a direct referral bonus, or a 5-percent ...