MANILA -The Securities and Exchange Commission (SEC) has sued Silverlion Trading Corp. and its top executives and associates for money laundering activities after the company was found to be illegally soliciting investments from the public.
The SEC and the Anti-Money Laundering Council (AMLC) filed the complaint on Oct. 5.
They accused the Zamboanga City-based company of violating a provision under Republic Act No. 9160, or the Anti-Money Laundering Act.
Also named in the complaint were Silverlion CEO Ryan Cagod Ladoing, president Renan Lara Ladoing, vice president Michael Villalobos Berja and “master bagman” John Paul Lopez.
It also named Rose Marie Alvarez Guzman and Nena Ewayan Algoy “who were found to be participating in the promotion of Silverlion’s investment solicitation activities,” the corporate regulator said.
Silverlion was earlier found to be illegally soliciting investments from the public, in violation of the Securities Regulation Code.
The company enticed investors with monthly profits of up to 70 percent. It also offered a special promo involving the car of choice of any investor who locks in P400,000 worth of investment for 60 days.
The SEC said nearly P18 million in cash was seized during the raid of Silverlion’s offices in Zamboanga City by agents of the Philippine National Police Anti-Cybercrime Group and the SEC Zamboanga Extension Office last year.
Those found guilty of money laundering face imprisonment from seven to 14 years and a fine of not less than P3 million.
The filing of the complaint follows the revocation of Silverlion’s corporate registration last January, the SEC said. INQ