A regional trial court in Pangasinan has fined five employees of JRL Kwarta Trading Co. a total of P750,000 for allegedly soliciting investments from the public, following an investigation led by the Securities and Exchange Commission (SEC).
The San Carlos City Regional Trial Court Branch 56, in a decision issued on Aug. 26, found the JRL Kwarta employees guilty beyond reasonable doubt of violating Sections 8, 26 and 28 of Republic Act No. 8799, or the Securities Regulation Code.
The court ordered each employee to pay P150,000 in fines, or P50,000 for each violation with subsidiary imprisonment in case of insolvency. Section 8 of the Securities Regulation Code prohibits offering and selling securities without a registration approved by the SEC.
According to the court, all five employees entered guilty pleas to the charges and acknowledged their understanding of the case and its consequences. “Considering the spontaneous and voluntary plea of guilt of the five accused to all charges, the court finds no legal impediment to rendering judgement based thereon,” the court said.
