Following an internal investigation, the Philippine SEC has concluded Toga Limited is committing securities fraud.

Accordingly, Toga Limited’s Philippine SEC registration has been revoked.

The Philippine SEC commenced their investigation into Toga Limited after fielding multiple queries from the public.

One email detailed concerns about parents “giving up everything”.

I would like to know if Toga Capital Limited is a scam, my parents are giving up everything and inviting their friends too for this company and I would like to know if they’re genuine.

The SEC’s Toga Limited investigation was undertaken by the Enforcement and Investor Protection Department (EIPD) and Company Registration and Monitoring Department (CRMD).

Records suggest the SEC’s investigation commenced in early to mid 2018.

CRMD confirmed to EIPD that Toga Limited was registered with the SEC under TogaChat Academy Philippines in 2016.

CRMD also confirmed that TogaChat Academy had not been issued a securities or investment license, nor had it applied for one.

EIPD went on to confirm with the Markets and Securities Regulation Department and Corporage Governance and Finance Department, that TogaChat Academy did not have a securities license, nor any pending applications.

In July 2018 the EIPD sent a team of investigators to survey TogaChat Academy’s local office.

During the said surveillance operation, the EIPD investigators were able to talk to a certain Mr. Aries Bailingo and his male associate who introduced themselves as agents of TogaChat.

Mr. Bailingo discussed the company profile and compensation plan.

Based on Bailingo’s description of Toga Limited’s compensation plan and their own research, the EIPD concluded the company was an “investment scam”.

It became more evident that the respondent TogaChat is operating an investment scam when the SEC Zamboanga Extension Office informed the EIPD that there were two (2) Orders posted in the US SEC website in connection with TogaChat.

The first Order stated that Toga Capital Limited is a revoked Nevada corporation located in Kuala Lumpur, Malaysia with a class of securities registered with US SEC.

The Second Order refers to the show cause order against Toga Capital Limited.

In BehindMLM’s own
Toga Limited review
(published Feb 2019), we identified the company’s US SEC registration as a marketing facade.

The SEC registration for Toga LTD is still active.

As per Toga LTD’s
last filed quarterly report
, it appears Agel’s Malaysian company might be commingling funds with Toga Limited.

During three months ended October 31, 2019, the Company’s concentration of revenue for individual customers above 10% are as follows:

Shen Zhen Shi Ding Shang: 22%

Agel Enterprise International Sdn Bhd: 13%

Others: 65%

During three months ended October 31, 2018, the Company’s concentration of revenue for individual customers above 10% are as follows:

Agel Enterprise International Sdn Bhd: 45%

Others: 55%

Whether
Agel
, a US MLM co

🤖 Quick Answer

What happened to Toga Limited's Philippine SEC registration?
Following an internal investigation, the Philippine Securities and Exchange Commission revoked Toga Limited's SEC registration due to findings of securities fraud. The investigation was conducted by the Enforcement and Investor Protection Department and Company Registration and Monitoring Department after receiving multiple public complaints.

Why did the Philippine SEC investigate Toga Limited?
The Philippine SEC initiated its investigation after receiving multiple inquiries from the public expressing concerns about the company. One complainant reported worries about individuals giving up their financial resources to invest in Toga Limited and recruiting friends into the scheme.

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