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Friday, March 29, 2024

SEC files charges against Silverlion executives

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The Securities and Exchange Commission cracked down on Silverlion Livestock Trading Corp. for allegedly conducting an unauthorized investment scheme in Zamboanga City.

The regulator said in a statement Tuesday the SEC Zamboanga Extension Office and the National Bureau of Investigation Region IX implemented a search warrant against Silverlion offices at Apolinario Loop, Guiwan and Green Valley National Highway in Barangay Manicahan Zamboanga City.

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

The SEC ZEO and NBI Region IX seized bundles of cash, vouchers and other devices in Silverlion’s office, which were supposedly scheduled to be used for the upcoming payout of profits to its investors.

The SEC ZEO also filed criminal cases for violation of the SRC against Silverlion’s incorporators, officers and agents before the inquest prosecutor of the Office of the City Prosecutor of Zamboanga City.

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Investigations by the SEC ZEO showed Silverlion had been offering and selling investment packages to the public with guaranteed returns of 35 percent within just 15 days.

Based on this scheme, 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, where a person invests his money in a common enterprise and is led to expect profits primarily from the efforts of others, according to the SEC.

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

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