Zamboanga city: The Department of Justice (DOJ) on Friday lauded the prosecution and conviction beyond reasonable doubt of the owner and an employee of a corporation for engaging in illegal investment solicitation. In a statement, the DOJ said the Regional Trial Court (RTC) of Zamboanga City found Ryan Ladoing and Rose Marie Guzman of Silverion Livestock Trading Corporation (Silverion Corporation) guilty of money laundering, with predicate offenses involving violations of the Securities Regulation Code.
According to Philippines News Agency, the court also ordered the issuance of alias warrants against other accused who remain at large. They are Renan Ladoing, Michael Berja, John Paul Lopez, and Ne±a Algoy. The case was prosecuted by the Office of the City Prosecutor of Zamboanga City, through Assistant City Prosecutor Alfredo Jimenez.
Evidence presented by the prosecution established that, despite the corporation's Articles of Incorporation (AOI) expressly limiting its primary purpose to the wholesale and retail trading of meat products and frozen foods, the accused engaged in the unlawful offering of investment contracts without the required secondary license. The accused enticed the public with promises of exorbitant and unreasonable returns, including interest rates of up to 35 percent every 15 days, falsely representing these as proceeds from legitimate livestock trading operations.
Financial investigation reports, prepared through inter-agency collaboration between the Anti-Money Laundering Council and the Securities and Exchange Commission, led to the issuance of search warrants for two business addresses of Silverion Corporation. These operations resulted in the recovery of approximately PHP17 million in proceeds from illegal investment solicitation.
The trial court sentenced the accused to suffer the indeterminate penalty of four years as minimum to six years as maximum imprisonment, and to pay a fine of PHP1.5 million each. The DOJ said the conviction underscores its firm resolve to hold accountable those who exploit the public through fraudulent schemes and to aggressively pursue cases involving money laundering and other financial crimes.
'The uncontroverted fact remains that Ryan C. Ladoing and Marie Rose A. Guzman only and publicly engaged themselves in soliciting, receiving, and collecting financial and/or property investments by offering and/or guaranteeing that the investments made will earn an interest of 35 percent every 15 days, which is a form of securities as defined by law,' the 12-page judgment by Judge Gregorio Dela Pe±a III said. 'The aforementioned elements, therefore, for violation of the Anti-Money Laundering Law being undoubtedly present in this case and both accused having purposely, knowingly, consciously and deliberately committed the same, they should therefore be made to suffer the consequences thereof,' he added.
