SEC files second money laundering case vs Silverlion exec
MANILA, Philippines — The CEO of a company previously shuttered for illegally selling investments to the public is again the subject of another complaint.
The Securities and Exchange Commission (SEC) on Monday said it had filed another money laundering case against Silverlion Livestock Trading Corp. CEO Ryan Cagod Ladoing, still for the illegal solicitation of investments.
According to the corporate watchdog, Ladoing was found to have P14 million in cash during a search conducted by the Philippine National Police Anti-Cybercrime Group.
“Ladoing has no other source of income where the said amount might be sourced out,” the SEC said in its complaint.
“Thus, there is no other conclusion except that hefty amount in cold cash stored in the room rented by Ladoing are proceeds of the unlawful activity involving violations of the [Securities Regulation Code],” it added.
READ: SEC shuts down company operating get-rich-quick scam
Article continues after this advertisementBoth the SEC and the Anti-Money Laundering Council last year filed a complaint against Silverlion and its officials for illegal investment activities.
Article continues after this advertisementAuthorities had found P17.89 million in cash in Silverlion’s Zamboanga City office, saying that the amount came from the investment scheme.
The SEC has since revoked the company’s corporate registration and issued a cease and desist order against Silverlion, its officers, directors, and agents.
According to the regulator, Silverlion enticed the public to invest P5,000 to P100,000, with supposed guaranteed returns of up to 35 percent within half a month.
