The Securities and Exchange Commission (SEC) has secured a conviction against the officers of Batangas-based investment scam One Dream Global Marketing Inc.
The Batangas Regional Trial Court in Lipa sentenced seven individuals jail time of 20 years each and fines totaling P2.8 million for violating the Securities Regulation Code (SRC).
The court also issued an arrest warrant against four of the officials who remain at large.
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 filed complaints against the group with the SEC Enforcement and Investor Protection Department on Aug. 3, 2015.
The complaint accused the individuals of offering investments worth P888, with the promise of a P1,300 payout after four days, excluding a 10 percent tax. The group was found to be illegally soliciting investments from the public but its business permit is for retailand wholesale of detergents.
The investment scheme was found to be a “fraudulent transaction” under the SEC because it involves the purchase and sale of securities by the use of a scheme that is intended to defraud the investing public.
