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Manila Bulletin devider Business devider SEC, AMLC file second money-laundering case against Silverlion

SEC, AMLC file second money-laundering case against Silverlion

Published Jun 17, 2024 07:01 am

The Securities and Exchange Commission (SEC) has filed its second money laundering case against Silverlion Livestock Trading Corp. for its allegedly illegal solicitation of investments from the public.

A joint complaint was filed last June 4 by the SEC and the Anti-Money Laundering Council (AMLC) charging Silverlion’s chief executive officer with violation of Section 4(b) of 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 and other violations of the Securities Regulation Code (SRC), are among the unlawful activities or predicate offenses to money laundering, as provided under Section 3(i) of the AMLA.

The complaint was filed after a Silverlion official 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.

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.

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.

Related Tags

Silverlion Livestock Trading Corp. Anti-Money Laundering Council Securities and Exchange Commission
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