Santa rosa: The Securities and Exchange Commission (SEC) has filed a criminal complaint against Royal Kingdom of Maharlika Pearl of the Orient Organization, Inc. (RKOM) and its armed component, Royal Vanguard Transnational Intelligence Group, Inc., for alleged investment fraud.
According to Philippines News Agency, the SEC announced that the complaint was submitted to the Office of the City Prosecutor in Santa Rosa, Laguna. The charges include various violations under Republic Act (RA) 8799, known as the Securities and Regulation Code, and Section 11 in relation to Section 3(f) of RA 11765, or the Financial Products and Services Consumer Protection Act.
The complaint names RKOM founder Rolando Rhey Kipte Villar, also known as 'Supremo,' along with 14 members of the group. This legal action follows Villar's arrest during a joint entrapment operation by the SEC and the Philippine National Police over the past weekend.
The SEC detailed that RKOM offered "a Yellow Card and a Green Card priced between PHP200 to PHP5,500, promising lifetime benefits ranging from PHP100,000 to PHP5 million." Additionally, the organization allegedly assured members that they would become beneficiaries of the wealth of former president Ferdinand E. Marcos Sr., with claims of receiving 2 percent earnings from a so-called Mother Account, which allegedly includes gold deposits, all commodities, and warrants.
Moreover, members of the Royal Vanguard were reportedly required to pay PHP5,500 for uniforms and badges to function as security personnel for Villar, as per the SEC's statement.
