The Securities and Exchange Commission said Monday it gained a legal victory against an investment scam after a Quezon City regional trial court penalized three persons for illegally soliciting investments from the public.
The Quezon City Regional Trial Court Branch 90, in a decision dated Nov. 27, found guilty beyond reasonable doubt Rolando Pascua Jr., Celia Pascua and Mary Jane Recto for violations of Section 8 of Republic Act No. 8799, also known as the Securities Regulation Code. They were fined P2 million.
“Winning cases against perpetrators of fraudulent investment schemes affirm the Commission’s commitment to holding them accountable for their actions against our fellow Filipinos,” SEC chairman Emilio Aquino said.
“The SEC will remain steadfast in its mission to protect investors and educate the public about these types of scams, so that moving forward, no more Filipinos would be duped of their hard-earned money,” he said.