Inquirer
DOJ indicts 3 firms for running illegal investment schemes
The Department of Justice (DOJ) has approved the filing of criminal cases against three firms accused of operating illegal investment schemes without the necessary licenses.
The Securities and Exchange Commission (SEC) revealed that Eton Phil Non-Specialized Wholesale Trading, SCET Colleens Corp., and a group led by Hector Aldwin Liao Pantollana are facing charges for violating the Securities Regulation Code (SRC).
The DOJ recommended the filing of criminal cases against Eton Trading founders Elton John Malabarbas and Princess Samson Frias, with more than 10 of their agents also implicated.
These companies allegedly engaged in investment-taking activities and sold unregistered securities, which is prohibited under the SRC.
Eton Trading offered investment contracts in frozen meat products, promising monthly profits ranging from 20 to 50 percent of the capital investment, with required investor contributions from P5,000 to P100,000.
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