Regulator Securities and Exchange Commission (SEC) filed another money laundering case against Silverlion Livestock Trading Corp. for its illegal solicitation of investments.

The Commission, together with the Anti-Money Laundering Council (AMLC), filed a joint complaint on 4 June charging Silverlion CEO Ryan Cagod Ladoing with violation of section 4(b) of Republic Act 9160, or the Anti-Money Laundering Act, as amended.

Section 4(b) of the AMLA provides that money laundering is committed by any person who, knowing that any monetary instrument or property represents, involves, or relates to the proceeds of any unlawful activity, converts, transfers, disposes of, moves, acquires, possesses or uses said monetary instrument or property.

Fraudulent practices specified in the Securities Regulation Code (SRC), are among the predicate offenses to money laundering, as provided under section 3(i) of the AMLA.

Complaint was filed after Ladoing was found to be in possession of more than P14 million in cash during the conduct of a consented search by operatives of the Philippine National Police Anti-Cybercrime Group (PNP ACG), together with the SEC Zamboanga Extension Office in 2022.

Ponzy scheme

The search was conducted following investigations by the SEC which showed that Silverlion was soliciting investments ranging from P5,000 to P100,000, with guaranteed earnings of up to 35 percent 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.

Ladoing has no other source of income where the said amount might be sourced out.

“The operations of Silverlion is still ongoing at the time of the consented search. Ladoing has no other source of income where the said amount might be sourced out. Thus, there is no other conclusion except that hefty amount in cold cash stored in the room rented by Ladoing are proceeds of the unlawful activity involving violations of the SRC,” the complaint read.

The SEC and AMLC previously filed a complaint against Silverlion and its other officials in October 2023 for the same charges, after it was found to be in possession of around P17.89 million of cash during the implementation of a search warrant in Silverlion’s offices in Zamboanga City by operatives by the PNP-ACG.

While Silverlion is registered as a corporation with the SEC, it has not secured the necessary license to offer investments to the public.

Prior to the filing of the complaints, the SEC has revoked Silverlion’s corporate registration and issued a cease and desist order against the company and its officers, directors and agents.

Separate criminal cases for violations of the SRC are also pending with Branch 12 of the Regional Trial Court of Zamboanga City, as a result of the inquest complaint filed by SEC before the Department of Justice in November 2022.