DOJ charges MFT Group with fraud, misrepresentation

On Thursday, the Department of Justice announced sufficient evidence to charge MFT Group officers and representatives with illegal investment schemes, financial misrepresentation, and corporate fraud.

The DOJ cited violations of the Securities Regulation Code and Cybercrime Prevention Act based on a criminal complaint filed by the SEC last year.

The cases stem from the SEC's complaint that the MFT Group had no license to issue or sell securities and offered high-yield investment opportunities funding its 'sure projects' with regard to its subsidiaries.

Additionally, the DOJ established a special task force to investigate allegations of fraud involving Camp John Hay Development Corp., focusing on irregular sublease arrangements and possible legal violations.

Undersecretary Nicholas Ty stated that the priority is to listen, gather facts, and ensure justice for those impacted by fraudulent transactions in Camp John Hay.

DOJ Secretary Jesus Crispin Remulla stressed that corporations must comply with regulatory obligations and emphasized that the law applies equally to all entities.