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SEC prosecutes lending company officers for falsifying records


THE Securities and Exchange Commission (SEC) has prosecuted the officials and incorporators of Phil86 Gurunanak Lending and Trading Corp. due to falsified documents submitted for registration with the commission.

“The SEC filed the case against the accused after finding irregularities in the Certificate of Bank Deposit that they submitted for the registration of the lending company with the commission,” the SEC said.

Upon verification by the Company Registration and Monitoring Department, the commission found that the submitted bank deposit certificate was falsified by Phil86.

The certificate was made in compliance with Republic Act No. 9474, or the Lending Company Regulation Act (LCRA), which states that companies need a minimum paid-up capital of P1 million.

In a decision by the Pasay Metropolitan Trial Court Branch 47, nine incorporators and officials were found guilty beyond reasonable doubt in violation of Article 172 (1) of the Revised Penal Code, which punishes the crime of falsification of private documents.

“This Court finds that [the] accused signed the documentary requirements to the SEC knowing fully well that included among the requirements therein is a notarized bank certification of their paid-up capital,” the court said.

The accused was sentenced to two years and six months of imprisonment with an additional fine of P100,000 each, which totals P900,000.

“Trial Court, however, has allowed the accused to file appropriate remedies under applicable rules to contest the decision,” the commission said.

Aside from this, the SEC is also actively prosecuting 56 cases totaling 375 individuals for the violation of Republic Act No. 8799 or The Securities Regulation Code.

The commission has revoked the primary registration of 2,084 lending companies for violation and noncompliance with the LCRA, while the secondary licenses of 39 companies were revoked due to violation of SEC rules.

It said the move is “part of the government-initiated crackdown against illegal lenders engaged in a 5-6 scheme and other usurious practices that started in 2016.”

“The SEC remains vigilant over the registration and operations of lending and financing companies,” it added. — Adrian H. Halili

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