Daily Tribune(Silverlion) falsely represented to the public that it is engaged in the business of trading gold and sale of processed meats, beauty products, and other products which are in demand in the market to generate profits to be used as payment for the return of capital to investors together with its high return of interest
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Silverlion Livestock Trading Corp. and its officers are now facing criminal charges filed by the Department of Justice for its unauthorized solicitation of investments from the public.
In a resolution dated 2 December state prosecutors found probable cause to charge Silverlion Livestock Trading Corp., its chief executive officer Ryan Cagod Ladoing, incorporator Renan Lara Ladoing its officers and agents identified as Rosemarie Alvarez Guzman, Neña Ewayan Algoy, John Paul Dellara Lopez and Michael Villalobos Berja.
They violated Sections 8, 26.3 and 28 concerning Section 73 of Republic Act 8799 or the Securities Regulation Code.
State prosecutors also found probable cause to charge Ryan Ladoing for violation of Section 28.b.g with Sec. 218. c of RA 10591, otherwise known as the Comprehensive Firearms and Ammunition Regulation Act.
False representation
"(Silverlion) falsely represented to the public that it is engaged in the business of trading gold and sale of processed meats, beauty products, and other products which are in demand in the market to generate profits to be used as payment for the return of capital to investors together with its high return of interest," the DoJ resolution read.
Charges have been filed against Silverlion Livestock Trading Corporation and its officers and agents, but its incorporators Ryan Cagod Ladoing and Renan Lara Ladoing remain at large.
Section 8 of the SRC provides that securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the SEC.
Section 28 further adds that no person shall engage in the business of buying or selling securities in the country as a broker or dealer, or act as a salesman or an associated person of any broker or dealer unless registered as such with the Commission.
The SEC Zamboanga Extension Office, together with the National Bureau of Investigation, filed a criminal complaint against Silverlion Livestock Trading Corp. before the DoJ on 28 November, for its unregistered offering of securities to the public.
Investigations by the SEC ZEO showed that Silverlion had been offering and selling investment packages to the public with guaranteed returns of 35 percent within just 15 days. With this, investments ranging from P1,000 to P100,000 could yield returns worth P1,300 to P130,000, respectively.
