SEC Revokes Registration of Silverlion Livestock Trading Corporation
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Editing by Nathaniel Cajuday
- The SEC has officially publicized that it has nullified the certificate of registration of Silverlion Livestock Trading Corporation, a month after the firm and its agents have been charged for unlicensed soliciting to the public.
- The revocation was because Silverlion violated Section 44 of the Revised Corporation Code of the Philippines (RCC), in relation to Sections 8.1, 26, and 28.1 of the Securities Regulation Code (SRC), Section 6(i)(2) of Presidential Decree No. 902-A, and Section 179(j) of the RCC.
- However, the SEC also confirmed that Ryan Cagod Ladoing and Renan Lara Ladoing, the incorporators of Silverlion, have not been captured yet by the authority.
Following the charges filed against Silverlion Livestock Trading Corporation last month, the Securities and Exchange Commission (SEC) has finally revoked the registration of the company for soliciting investments without the required license from the Commission.
Prior to this, the SEC had sent the company a cease-and-desist order (CDO) on November 17, 2022, which ordered the group to stop its investment solicitation activities for the benefit of the public.
The SEC Enforcement and Investor Protection Department (EIPD) revoked Silverlion’s certificate of incorporation on January 5 for violating Section 44 of Republic Act No. 11232, or the Revised Corporation Code of the Philippines (RCC), in relation to Sections 8.1, 26, and 28.1 of Republic Act No. 8799, or the Securities Regulation Code (SRC), Section 6(i)(2) of Presidential Decree No. 902-A, and Section 179(j) of the RCC:
- Silverlion does not have the required secondary license from the SEC to offer or sell securities to the public. Section 8 of the SRC states that securities shall not be sold or offered for sale or distribution within the Philippines without registration from the SEC.
- Silverlion violated Section 26.3 of the SRC, which states that it shall be unlawful for any person, directly or indirectly, in connection with the purchase or sale of any securities, to engage in any act, transaction, practice, or course of business that operates or would operate as a fraud or deceit upon any person.
- Section 28 stresses that no one shall engage in the business of buying or selling securities as a broker or dealer, or act as a salesman or an associated person of any broker or dealer unless registered as such with the SEC, which the agents of Silverlion do not have.
- Silverlion had constituted serious misrepresentation regarding the company’s offerings to the public, which equates to the revocation of a corporation’s certificate of registration under Presidential Decree No. 902-A.
According to the SEC’s investigations, Silverlion had been offering and selling investment packages with guaranteed returns of 35% within 15 days, which means that investments of ₱1,000 to ₱100,000 could yield returns of ₱1,300 to ₱130,000, respectively.
“The revocation of Silverlion’s corporation registration followed the successful implementation of a search warrant against Silverlion by the combined forces of SEC ZEO and NBI last year,” the regulatory agency noted.
In November, SEC-Zamboanga Extension Office (ZEO) filed criminal cases against Silverlion in the Zamboanga City Regional Trial Court Branch, which then issued the search warrants for its two offices.
As per the information disclosed by the SEC-ZEO and National Bureau of Investigation (NBI) Region IX after their raid last year, they were able to confiscate bundles of cash, vouchers, and other devices in Silverlion’s office that were supposedly scheduled to be used for the upcoming payout of profits to its existing investors.
After the raid, the Department of Justice (DOJ) filed criminal charges against Silverlion, its CEO Ryan Cagod Ladoing, incorporator Renan Lara Ladoing, and other officers and agents for illegally soliciting investments from the public.
Consequently, Ladoing was involved in the investment scam RGS World Marketing, an entity that had previously received a CDO and advisory issued by the regulatory agency in March 2022.
“While charges have been filed against Silverlion Livestock Trading Corporation and its officers and agents, its incorporators Ryan Cagod Ladoing and Renan Lara Ladoing remain at large,” the Commission concluded.
This article is published on BitPinas: SEC Revokes Registration of Silverlion Livestock Trading Corporation
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