The Financial Superintendence of Colombia (SFC) ordered Juan Sebastián Huertas Parra and Aletheia Education SAS to immediately suspend operations involving the unauthorized collection of money from the public.
The measure also orders the immediate return of the illegally obtained resources and prevents the carrying out of operations to attract or collect unauthorized money from the public en masse, using any modality, either directly or through other natural or legal persons.
Additionally, they must remove from all means of communication used directly or through another person, including public or private profiles on social networks, any term, word or allusion by which the general public and its clients may be mistakenly understood that they are authorized to manage investment funds and/or carry out crowdfunding activities.
Why was this measure issued against the company?
The SFC established that Mr. Huertas and the company Aletheia Education SAS, assumed liabilities with the public for receiving contributions for a supposed “Investment Fund” or “Crowdfunding Aletheia” without having the proper authorization to carry out said activities.
In this model, Juan Sebastián Huertas Parra signed an “adhesion contract” and received the money from third parties, who did not give any instructions on the specific destination of the resources, with the promise of returning the amount contributed plus fixed returns in percentages of the 20% at 30 days and 100% at 150 days, without demonstrating the performance of an economic activity that would justify the payment of returns.
The Superfinanciera made a call to the citizens and informed that in Colombia the administration of investment funds is an activity of the stock market, Therefore, it can only be developed by entities constituted in the national territory and under the supervision of the State.
Consequently, the Collective Investment Funds can only be managed by stock brokerage companies, by trust companies or by investment management companies, previous fulfillment of the requirements indicated in the law to obtain authorization of constitution and operation on the part of this Superintendency.
Another case denounced by the Financial Superintendence was presented months ago where two natural persons and a company they were behind a supposed “investment fund” under the promise of recognizing fixed “returns” and without providing for the delivery of goods or services in return.
“The Financial Superintendence of Colombia ordered to the company Real Business SAS and Messrs. Andryun Raúl Ríos Gómez and María Camila Morales Gaviria, the immediate suspension of the unauthorized collection or collection of money from the public”detailed the authority in Resolution No. 0926 of 2021 issued in recent days.
These people, through the company, would have offered investments in a Collective Investment Fund with fixed returns of 6% and 9% per month within a period of 12 months without reasonable financial explanation.