SEC Wins Legal Victory Against Loan Company



The Securities and Exchange Commission (SEC) won yet another legal victory after a regional trial court convicted the founders and directors of X-CEE789 Lending and Trading Inc. for submitting forged documents for its registration as loan company.

Section 118 of the Pasay City Court of First Instance previously declared Merlinda Derequito, Mila Anonuevo, Haydee Alarcon, Maria Collen Custodio, Marisa Abaquin, Ramona Belen, Pinder Kaur Bhopal, Parvesh Kumar, Karan Kumar, Surinder Bhopal, Kamaljit Kaur and Jaswinder Kaur guilty beyond reasonable doubt of violating Section 12 (3) (a) of Republic Act 9474, or the “Loan Company Regulation Act 2007” (LCRA).

Consequently, the court ordered each of the respondents, who formed X-CEE789 as founders and directors, to pay a fine of P 10,000, with costs.

The SEC filed a criminal complaint against the respondents after finding that they had made a false statement in their application to incorporate X-CEE789 and issue its license to operate, as required by the LCRA.

X-CEE789 submitted a bank certificate of deposit in the amount of 1 million pesos, allegedly issued by the branch of Banco de Oro-Two shopping center in Pasay City, to comply with the minimum paid-up capital prescribed by the LCRA when its registration as a corporate lender with the Commission in 2017. THE TIMES

Upon verification with the bank, however, the SEC found that no such certificate had been issued to X-CEE789.

The commission subsequently rejected the application to register the company as a loan company.

“For knowingly and willfully making a false statement in their articles of association and submitting a forged bank certificate of deposit that the law requires loan companies to file, the defendants clearly violated Article 12 (3) (a) of the RA 9474, “the court said.


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