DOJ probes MFT Group, Foundry Ventures anew

Justice Secretary Jesus Crispin Remulla said justice will be delivered, as the Department of Justice (DOJ) resumed its preliminary investigation on the illegal investment charges lodged by the Securities and Exchange Commission (SEC) against Maria Francesca Tan (MFT) Group of Companies Incorporated which later transitioned to Foundry Ventures I Incorporated.

Respondents from the MFT, through their legal counsels, filed their respective counter-affidavits before the Task Force on Business Scam led by Senior Deputy State Prosecutor (SDSP) Peter Ong, yesterday.

On the SEC's complaint, the MFT Group promised investors returns from 12% and 18% which is termed as interest income.

The scheme employed the issuance of postdated checks (PDCs) indicating monthly interest rates from 1% to 1.5%, backed-up by promissory notes or borrower-lender agreements to make the investments appear valid.

But authorities reportedly found out that the investment scheme did not have proper SEC documentation and registration.

"Truth is the ultimate goal of this investigation and at the same time a reflection of the DOJ's integrity bridging us to our people," Remulla stressed.

"I ensure that this investigation will be fair, charges will be filed, if deemed necessary," the Secretary added. 

Complainant SEC was given 30-days to file their reply and is set on Monday, 01 July 2024 at 1:30 p.m.

The respondents were also given 30-days to file their Rejoinder, scheduled on Thursday, 01 August 2024 at 1:30 pm.