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SEC takes action against the Silverlion investment fraud

The Securities and Exchange Commission (SEC) raided Silverlion Livestock Trading Corp.’s operations in Zamboanga City as part of its ongoing campaign against unlicensed investment schemes.

In a joint operation on November 26, the National Bureau of Investigation (NBI) 9 (Zamboanga Peninsula) and the SEC Zamboanga Extension Office (ZEO) successfully carried out a search warrant against Silverlion at its offices in Guiwan, Apolinario Loop, and Barangay Manicahan, both in Zamboanga City.

In connection with RA 10175, also known as the Cybercrime Prevention Act of 2012, the Zamboanga City Regional Trial Court Branch 15 issued search warrants against Silverlion for violations of Sections 8.1, 26, and 28 of Republic Act (RA) 8799, or the Securities Regulation Code (SRC).

Bundles of cash, vouchers, and other items that were allegedly intended to be used for Silverlion’s future distribution of profits to its existing investors were seized by the SEC ZEO and NBI-9 from Silverlion’s office.

Prior to the inquest prosecutor of the Office of the City Prosecutor of Zamboanga City, the SEC ZEO filed criminal cases for violations of the SRC against Silverlion’s incorporators, officers, and agents, identified as Ryan Cagod Ladoing, Renan Lara Ladoing, Rosemarie Alvarez Guzman, Nea Ewayan Algoy, John Paul Dellara Lopez, and Michael Villalobos Berja.

The SEC filed a cease-and-desist order (CDO) and advice regarding the investment fraud RGS World Marketing earlier this year, and Ryan Ladoing has also been connected to it.

The commission en banc issued a CDO against Silverlion on November 17 in response to a request from the Enforcement and Investor Protection Department (EIPD), ordering the organization to stop soliciting investments from the public without the required commission licenses.

A show-cause order from the EIPD directing the company to provide justification as to why its status as a corporation should not be revoked for serious misrepresentation as to what it can do or is doing to the great detriment of or harm to the general public was simultaneously served on the company along with the CDO.

According to SEC ZEO investigations, Silverlion had been promoting and selling investment packages to the general public that promised 35 percent returns in just 15 days.

As a result, investments between PHP 1,000 and PHP 100,000 might result in returns between PHP 1,300 and PHP 130,000, respectively.

According to the SEC, the scheme entails the selling and offering of securities to the general public in the form of investment contracts, whereby a person invests his money in a shared business and is encouraged to anticipate returns primarily from the labor of others.

Without a registration statement that has been properly filed with and authorized by the SEC, securities may not be sold, offered for sale, or distributed inside the Philippines, according to Section 8 of the SRC.

The SEC is still taking a more aggressive stance in its battle against unethical investment-taking practices.

It has already issued 82 recommendations this year against entities that were discovered to be seeking investments from the public without the required commission license.

To prevent the public from investing in Frutas Comida Zamboanga, another unlicensed investment scheme in the area, the commission also issued an alert earlier this month.

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