The Securities and Exchange Commission said Wednesday it successfully prosecuted nine incorporators and officials of lending firm Phil86 Gurunanak Lending and Trading Corp. for falsification of bank certificates.
It said in a statement the Pasay Metropolitan Trial Court Branch 47, in a decision dated March 8, 2023, found the nine officials of Phil86 guilty beyond reasonable doubt of violating Article 172 of the Revised Penal Code (RPC).
The accused were sentenced to suffer imprisonment of up to two years and six months and were ordered to pay a fine of P100,000 each, or a total of P900,000.
The SEC said it filed the criminal case against the accused incorporators, directors and officers of Phil86 after finding irregularities in the certificate of bank deposit they submitted for the registration as a lending company with the SEC.
The SEC said the Company Registration and Monitoring Department found that the bank certificates submitted were falsified upon their verification with the bank.
“[T]his Court finds that [the] accused… as directors, officers, stockholders, and incorporators, signed the documentary requirements to the SEC knowing fully well that included among the requirements therein is a notarized bank certification of their paid-up capital,” the court said.
“They knew that the same is a requirement and that they stand to benefit therefrom as it is a documentary requirement for the corporation they seek to form…without satisfactory explanation, the court hereby finds that they are liable as the forgers of the falsified bank certificate.”
The SEC said it is also actively prosecuting 375 individuals in 56 cases for violations of Republic Act No. 8799 or the Securities Regulation Code, and three cases for violations of the RPC.
It also warned the public to be careful in their submissions and be truthful in all their declarations.