The Securities and Exchange Commission (SEC) secured another win over investment scams after the Regional Trial Court in Batangas sentenced seven perpetrators to pay fines totaling P2.8 million and…
The Securities and Exchange Commission secured another win over investment scams after the Regional Trial Court in Batangas sentenced seven perpetrators to pay fines totaling P2.8 million and serve up to 20 years of jail time each, or a total imprisonment of 140 years for the group.
The cases stemmed from complaints filed by nine investors against One Dream for syndicated estafa with the Department of Justice on July 21, 2015. Two other investors On July 11, 2015, then Lipa, Batangas Mayor Meynardo A. Sabili conducted a surprise inspection at One Dream’s office, where he found that the group had been illegally soliciting investments from the public. He then ordered One Dream to cease operations, as its business permit only allowed it to engage in the retailing and wholesaling of detergents.
The court ruled that it was “undisputed” that the accused through the company One Dream solicited investments from the public, enticing investors with the promised profit of 46.4% every four days, plus P44 for every referral. Meanwhile, Section 26 states that it shall “be unlawful for any person, directly or indirectly, in connection with the purchase or sale of any securities to… [e]mploy any device, or scheme, or artifice to defraud.”
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