The Securities and Exchange Commission (SEC) said Friday it filed a money laundering complaint against Zamboanga-based group Silverlion Livestock Trading Corp. for illegally soliciting investments from the public.
It said in a statement the complaint also implicated Silverlion top officers and promoters.
The SEC said Silverlion violated of Section 4(b) of Republic Act No. 9160, or the Anti-Money Laundering Act (AMLA), as amended.
Section 4(b) of the AMLA provides that money laundering is committed by any person who, knowing that any monetary instrument or property represents, involves, or relates to the proceeds of any unlawful activity, converts, transfers, disposes of, moves, acquires, possesses or uses said monetary instrument or property.
The SEC alleged that Silverlion was able to meet the four elements of money laundering, including the existence of unlawful activity, proceeds of the unlawful activity, knowledge and possession of such proceeds.
It said Silverlion engaged in unlawful activity when it offered investments to the public without the necessary licenses from the commission, in violation of Republic Act No. 8799, or the Securities Regulation Code (SRC).
The SEC said Silverlion was found to have offered to the public P50,000 to P100,000 worth of investments with the promise of up to 2.3 percent earnings daily, or a total of 35 percent returns within 15 days.
It also offered a special promo involving the car of choice of any investor who locks in P400,000 worth of investment for 60