Inquirer
DOJ indicts Seatoo, execs for illegal investment solicitation
The Department of Justice (DOJ) has indicted New Seataoo Corp. and Seataoo Information Technology OPC, along with their officers and directors, for allegedly running illegal investment schemes.
State prosecutors found prima facie evidence to charge the companies for violating Sections 8 and 28 of the Securities Regulation Code (SRC), in relation to the Cybercrime Prevention Act.
The DOJ also recommended filing 54 counts of violating Section 26 of the SRC, with each count corresponding to a complaint from investors.
The companies allegedly misrepresented themselves as a legitimate e-commerce platform despite having no inventory, supplier arrangements, or real product movement.
The DOJ resolution stated that the failure to register these securities with the SEC deprived the investing public of legal safeguards and disclosures.
Among those indicted are New Seataoo CEO Widiana Chen, project manager Dylan Lim, directors Anna Rose Jangao Tero, Jonathan Tuazon Garcia, Danny Tuazon Sudaria, Lew Yean Yee, and Seow Kai Sheng.
Seataoo OPC's single stockholder, Jayson Corono Clidoro, was also indicted.
The companies had used social media platforms like YouTube and Facebook to operate their scheme, promising investors 'guaranteed returns' of 7 to 12 percent without genuine selling activity.
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