SEC to Zambo agency: Cease promoting securities

THE Securities and Trade Fee (SEC) has directed a Zamboanga-based firm to cease soliciting investments from the general public, because it doesn’t have the requisite license.

A November 26 order permitted an Enforcement and Investor Safety Division (EIPD) request for a stop and desist order in opposition to Silverlion Livestock Buying and selling Corp., which had been discovered to be promoting securities by its web site and on social media with out an SEC license.

The EIPD had acted on an October 11 request from the Nationwide Bureau of Investigation’s Western Mindanao workplace, which inquired about Silverlion’s registration certificates.

Integrated as a wholesaler of frozen merchandise, meats and dried fish, Silverlion was stated to be additionally promoting funding packages promising a return of two.3 p.c per day or 35 p.c in simply 15 days.

A P1,000 funding, for instance, was assured to pay out P1,300 in 15 days, whereas P10,000 and P100,000 would internet the investor P13,000 and P130,000, respectively. These keen to park P400,000 with Silverlion for 60 days had been promised a Ford Raptor pick-up or any automotive of their alternative.

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The EIPD subsequently discovered that whereas Silverlion was registered with the Division of Commerce and Trade (DTI), it didn’t have SEC approval to solicit investments. The agency’s articles of incorporation, the SEC famous, particularly state that it “shall not solicit, settle for or take investments/placements from the general public, neither shall tissue funding contracts.”

“After rigorously contemplating the movement which was supported by substantial proof, the fee holds that the EIPD was in a position to set up that Silverlion … is promoting and/or providing unregistered securities within the type of funding contracts to the general public with out the requisite license from the fee, in violation of its AoI but in addition of the related provision of the SRC (Securities Regulation Code) and its IRR (implementing guidelines and rules),” the fee stated.

Silverlion, together with incorporator, director, treasurer, and DTI-registered proprietor Ryan Caged Ladoing and incorporator/director Renan Caged Ladoing, was ordered to instantly cease soliciting and promoting funding contracts and comparable merchandise till it applies for and secures an SEC license.

Each had been additionally ordered to “stop their web presence referring to the transactions and funding scheme” below risk of the submitting of administrative and legal fees.

Lastly, Silverlion, the Ladoings and any individuals or entities appearing on their behalf had been prohibited from transacting “any enterprise involving funds in its deposit banks and from transferring, disposing or conveying in any method, any and all property, properties actual or private, together with financial institution deposits, if any … below their custody to make sure the preservation of the property of the traders.”