The Pasay Metropolitan Trial Court has found the officials of an incorporating lending firm of submitting falsified documents in their bid to have their business registered with the Securities and Exchange Commission (SEC).
According to documents, the SEC filed a criminal complaint against nine Phil86 Gurunanak Lending and Trading Corp. for submitting what turned out to be falsified documents.
These relate to the requirement to present proof of payment of P1 million as paid-up capital in the lending business they were putting up.
Branch 47 of the Pasay MTC found guilty as charged Nicanor Borong Jr., Nelson L. Henson, Irene T. Romero, Michael R. Ligaray, Regina S. Elizon, Gurjant Singh, Harnaib Singh, Tarsem Singh Daliwal and Gurmeet Kaur Kaila in a decision dated March 8 this year.
All were sentenced to imprisonment of up to two years and six months and ordered to pay a fine of P100,000 each, or a total of P900,000.
The SEC has since secured the convictions of 74 individuals for violation of the Lending Company Regulations Act. In 2021, the SEC also saw the conviction of the officials of lending companies Naurasidhu55 and X-CEE789 Lending and Trading, Inc. for a similar LCRA offense.
Its Corporate Governance and Finance Department has already revoked the so-called primary registration of a total 2,084 lending companies for non-compliance with the LCRA and the secondary license of 39 more lending/financing companies due to various violations of SEC rules and regulations.
The SEC is prosecuting 375 individuals in 56 cases for violations of Republic Act No. 8799 or the Securities Regulation Code, and three cases for violations of the Revised Penal Code.
