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Court finds Phil86 Gurunanak officers guilty of falsifying documents

The Securities and Exchange Commission (SEC) has successfully prosecuted the officers, directors, and shareholders of a lending company for submitting falsified documents during registration.

The Pasay Metropolitan Trial Court Branch 47 has found nine individuals from Phil86 Gurunanak Lending and Trading Corp. guilty beyond reasonable doubt of violating Article 172(1) of the Revised Penal Code.

The accused have been sentenced to imprisonment of up to two years and six months, and ordered to pay a total fine of P900,000.

The criminal case was filed against the accused after the SEC found irregularities in the certificate of bank deposit submitted for the registration of the lending company.

The certificate of bank deposit was supposedly in compliance with the Lending Company Regulation Act, which prescribes a minimum paid-up capital of P1 million for lending companies.

However, the SEC found that the bank certificates submitted were falsified upon verification with the bank.

The SEC remains vigilant over the registration and operations of lending and financing companies as part of the government’s crackdown against illegal lenders engaged in a “5-6” scheme and other usurious practices that started in 2016.

The corporate watchdog has since secured the convictions of 74 individuals for violation of the LCRA.

It has also revoked the primary registration of 2,084 lending companies for non-compliance with the LCRA and revoked the secondary license of 39 lending/financing companies due to various violations of SEC rules and regulations.

Milyonaryo | Latest News