Beware: Silverlion faces money laundering charges
The SEC alleged that Silverlion met all four elements of money laundering: the existence of unlawful activity, proceeds of the unlawful activity, knowledge, and possession of such proceeds.
The SEC alleged that Silverlion met all four elements of money laundering: the existence of unlawful activity, proceeds of the unlawful activity, knowledge, and possession of such proceeds.
Silverlion Livestock Trading Corp. is facing a money laundering complaint filed by the Securities and Exchange Commission or SEC for illegally soliciting investments from the public.
The Commission and the Anti-Money Laundering Council or AMLC filed a joint complaint against Silverlion for violation of Section 4(b) of Republic Act 9160, or the Anti-Money Laundering Act or AMLA, as amended.
The complaint implicated Silverlion Chief Executive Officer Ryan Cagod Ladoing, President Renan Lara Ladoing, Vice President Michael Villalobos Berja, and Master Bagman John Paul Lopez.
Likewise, it pointed to Rose Marie Alvarez Guzman and Nena Ewayan Algoy, who were found to be participating in Silverlion's investment solicitation activities.
Unlawful activity
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The SEC noted that Silverlion engaged in an unlawful activity when it offered investments to the public without the necessary licenses from the Commission, in violation of Republic Act 8799, or the Securities Regulation Code or SRC.
Silverlion was found to have offered to the public P50,000 to P100,000 worth of investments with the promise of up to 2.3 percent earnings daily, or a total of 35 percent returns within 15 days.
The group also offered a special promo involving the car of choice of any investor who locks in P400,000 worth of investment for 60 days.
Proceeds of the unlawful activity amounted to P17.89 million—representing cash seized during the implementation of a search warrant in Silverlion's offices in Zamboanga City.
