The Securities and Exchange Commission has secured the conviction of officials of Dr Verma Lending Corp. for submitting falsified documents for its registration with the agency, the second such conviction in two months.
In a decision dated April 5, the Pasay Metropolitan Trial Court found the officials guilty of violating the Revised Penal Code, which provides harsh penalties for the falsification of public documents by private individuals.
The accused, Jelyn Orillo Borja, Uldarico Sahay and Jessie Basarte Borja, were each sentenced up to two years and six months imprisonment and a P100,000 fine.
The SEC filed a criminal complaint against Dr Verma Lending for irregularities in its certificate of bank deposit in the amount of P1 million, supposed to have been issued by the BDO-Pasay Two Shopping Center Branch in April 2017.
The certificate of bank Ddeposit was made in compliance with Republic Act No. 9474, or the Lending Company Regulation Act which prescribes a minimum paid-up capital of P1 million for lending companies.
But upon verification, the SEC found the bank certificate a sham and that BDO-Pasay Two Shopping Center did not issue the certificate of bank deposit submitted by Dr Verma Lending.
In March, the SEC also saw the prosecution of officers of Phil86 Gurunanak Lending ang Trading Corp. over the same violation.
Earlier, lending company officials of Naurasidhu55 and X-CEE789 Lending and Trading Inc. were also convicted under the LCRA.
The SEC has already revoked the primary registration of a total of 2,084 lending companies for non-compliance with the LCRA. It has similarly revoked the secondary license of 39 lending or financing companies due to various violations of SEC rules and regulations.
The SEC is also prosecuting 375 individuals in 56 cases for violation of the Securities Regulation Code, and three more for violation of the Revised Penal Code.
