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Manila Bulletin devider Business devider The Stock Market devider Casino junket operator, two firms charged in investment scam sweep

Casino junket operator, two firms charged in investment scam sweep

Published Oct 15, 2025 03:27 pm
SEC Chairperson Francis Lim
SEC Chairperson Francis Lim
The Department of Justice (DOJ) has moved to file criminal complaints against three groups and their agents for illegally soliciting investments, escalating the Securities and Exchange Commission’s (SEC) ongoing campaign against fraudulent financial activities.
According to the SEC, the DOJ found sufficient evidence in separate resolutions to file charges against Eton Phil Non-Specialized Wholesale Trading, SCET Colleens Corp., and a group led by a casino junket operator. The individuals and companies face violations of the Securities Regulation Code (SRC).
The groups are accused of engaging in unauthorized investment-taking activities without securing the required licenses from the SEC, violating Sections 8 and 28 of the SRC. Section 26 of the code, which makes it unlawful to employ any scheme to defraud the public in connection with securities sales, was also cited. Persons found guilty face a fine of up to P5 million, imprisonment for up to 21 years, or both.
For Eton Trading, state prosecutors recommended criminal charges against two founders and 12 company agents.
The company was found to have offered investment contracts for frozen meat products, promising monthly profits ranging from 20 percent to 50 percent on capital investments of ₱5,000 to ₱100,000.
“In this case, respondents publicly offered their investment contracts without securing the necessary licenses or accreditation, thereby operating outside the regulatory framework designed to protect the investing public,” the DOJ resolution stated.
The SEC had previously issued a public advisory against Eton Trading in February 2023, followed by a cease and desist order (CDO) in July of the same year.
The DOJ also recommended filing cases against SCET Colleens and its three directors for violating SRC Sections 8 and 28. In addition, the company faces 28 counts of violating Section 26 (fraud), with each count representing an illegal transaction made with an investor.
The SEC filed the criminal complaint in May 2024, alleging that SCET Colleens offered investment opportunities promising returns between five to eight percent per month, ranging from ₱3,800 to ₱1.08 million in total returns.
“Respondents... committed fraud or deceit upon their investors by publicly offering and selling investment contracts without a secondary license or approval from the SEC,” the resolution read. It added that the fraudulent representations caused “several persons” to part with their money, resulting in “damage and prejudice.”
SCET Colleens was previously issued a CDO in September 2021, and its revocation order became final and executory in May 2023.
The third group charged is led by a casino junket operator, who, along with three others, allegedly solicited public investments to finance their casino junket operation and financing activities.
The group promised investors guaranteed profits of 60 percent to 111 percent per annum on loan contracts, with the return of capital and profits secured by postdated checks. The solicitations were made through three unregistered entities: Philippine National ESports League, Horizon Players Club, and Team Z.
The SEC issued a CDO against the group in March 2023, which was made permanent in October 2024.
The SEC reminded the public to verify the legitimacy of any group or individual offering investment deals by visiting the SEC website at www.sec.gov.ph or downloading the SEC Check App.

Related Tags

Securities and Exchange Commission SCET Colleens Corporation Eton Phil Non-Specialized Wholesale Trading
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