The Securities and Exchange Commission has secured the conviction of officers of lending company All-in 7,000 Lending and Trading Corp. for falsifying documents during its registration.
The Metropolitan Trial Court of Pasay City has found Jerlie O. Singh, Erlinda O. Ocampo, Elaine O. Ocampo, Erwin O. Ocampo and Amarjit Singh guilty of falsifying its documents and sentenced to a maximum of two years and two months and a fine of P5,000 each.
The incorporators submitted a certificate of bank deposit purportedly issued by Banco De Oro Pasay-Two Shopping Center Branch as part of its registration as a lending company in 2017 to prove that it has a paid-up capital of P1 million, as required by Republic Act No. 9474, or the Lending Company Regulation Act of 2007.
Upon verification, however, the SEC found the submitted certificate of bank deposit as falsified and was not issued by the bank or its manager.
“The accused, knowing or having ought to know fully well that the bank certificate is a requirement, and that their corporation does not have the money to put up the same, their reliance on fixers to procure such certification necessarily negates their excuse or purported lack of knowledge over the falsification of the certificate of bank deposit, thereby making them liable for the act,” the court said.
This marks the third conviction the SEC secured under the law, bringing the number of individuals convicted to 17. The SEC has also scored 11 convictions for the violation of the LCRA with 92 individuals convicted.
The SEC also cancelled the license of 39 financing/lending companies to date due to various violations of applicable rules and regulations. It has also ordered 58 online lending applications to stop operations for lack of authority to operate as a lending or financing firm.
Thus far, the SEC has revoked the primary registration of 2,084 lending firms for non-compliance with the LCRA.
