SEC cracks down on Silverlion Livestock Trading

MANILA, Philippines — The Securities and Exchange Commission (SEC) has widened its net against sellers of unauthorized investment schemes, particularly those in Mindanao.

It recently cracked down on the operations of Silverlion Livestock Trading Corp. in Zamboanga City in a joint operation last week with the National Bureau of Investigation (NBI).

The Zamboanga City Regional Trial Court Branch 15 issued the search warrants against Silverlion for violations of Section 8.1, 26, and 28 of Republic Act No. 8799, or the Securities Regulation Code (SRC), in relation to Republic Act 10175, otherwise known as the Cybercrime Prevention Act of 2012.

This, after the SEC filed criminal cases for violation of the SRC against Silverlion’s incorporators, officers and agents after the company was found illegally offering and selling investment packages to the public with guaranteed returns of 35 percent within just 15 days.

Investments ranging from P1,000 to P100,000 could yield returns worth P1,300 to P130,000, respectively.

The  scheme involves the sale and offer of securities to the public in the form of investment contracts.

However, Section 8 of the SRC provides that securities shall not be sold or offered for sale or distribution within the Philippines without a registration statement duly filed with and approved by the SEC.

During the raid,  officials from the SEC and NBI seized bundles of cash, vouchers, and other devices in Silverlion’s office, which were supposedly to be used for the upcoming payout of profits to its existing investors.

The SEC continues to be more proactive in its fight against illegal investment-taking activities.

So far, the SEC has already issued 82 advisories against groups and individuals found to be soliciting investments from the public without the necessary license.

Earlier this month, the SEC also issued an advisory against Frutas Comida Zamboanga, another unauthorized investment scheme in the region.

Frutas has been enticing investments ranging from P5,000 to P50,000, in exchange for monthly returns of P6,000 to P60,000, respectively.

Investments are collected through online banking channels and other digital payment platforms.