SEC files charges vs Easypeso operators for abusive debt collection

The Securities and Exchange Commission (SEC) has filed criminal charges against the operators and officers of online lending app Easypeso for engaging in abusive debt collection practices.

The charges were filed against 173 employees, incorporators, officers, directors, and beneficial owners of Creditable Lending Corp., the company behind Easypeso.

This action followed an increase in reports of harassment by lenders, prompting the SEC, NBI, NPC, PAOCC, and PNP to implement a search warrant and arrest employees at the company's Pasig City office.

During the search, officials seized computers, phones, sim cards, and scripts allegedly used by employees to harass borrowers.

The respondents are accused of violating the Financial Products and Services Consumer Protection Act, the Data Privacy Act, and the Cybercrime Prevention Act.

These violations include unfair debt collection practices, misuse of devices, and illegal access to data.

The SEC has also issued a cease and desist order against Creditable Lending and Easypeso, preventing them from conducting lending transactions.