The Securities and Exchange Commission (SEC) said it has ordered the closure of Zamboanga-based Silverlion Livestock Trading Corp. for violating the Securities Regulation Code (SRC).
The SEC said it raided the office of Silverlion Livestock in partnership with the National Bureau of Investigation (NBI) Region IX after the company sold investment packages with guaranteed returns of 35 percent within just 15 days in violation of the SRC that requires such investments to be authorized by the SEC.
“The SEC and NBI Region IX were able to seize bundles of cash, vouchers, and other device in Silverlion’s office, which were supposedly scheduled to be used for the upcoming payout of profits to its existing investors,” the SEC said.
The SEC’s Zamboanga office filed criminal cases against the officials of Silverlion Livestock.
“The scheme involves the sale and offer of securities to the public in the form of investment contracts, whereby a person invests his money in a common enterprise and is led to expect profits primarily from the efforts of others,” the SEC said.
“The SEC continues to be more proactive in its fight against illegal investment-taking activities. This year, the SEC has issued 82 advisories against groups and individuals found to be soliciting investments from the public without the necessary license from the commission,” it said.
