DOJ indicts Fergus Inc. execs for illegal investment solicitation

The Department of Justice (DOJ) has indicted two executives of Cebu-based Fergus Inc. for allegedly engaging in illegal investment solicitation.

Company president Jefferson Acas Jr. and corporate secretary and Chief Finance Officer Rosemarie Mayorga are accused of violating the Securities Regulation Code (SRC), the Cybercrime Prevention Act, and the Financial Products and Services Consumer Protection Act.

This indictment stems from a complaint filed by Australian clients who reported being defrauded by the company.

The Securities and Exchange Commission (SEC) found that Fergus Inc., registered as a business process outsourcing (BPO) firm, was selling securities without the necessary secondary license.

Fergus Inc. allegedly marketed investment contracts through an automated trading software, promising passive income with a minimum investment of $250, despite lacking proof of the software or related materials.