The Securities and Exchange Commission (SEC) said Monday it filed a money laundering case against Silverlion Livestock Trading Corp. for alleged illegal solicitation of investments from the public.
The SEC said that together with the Anti-Money Laundering Council (AMLC), it filed a joint complaint on June 4 charging Silverlion chief executive Ryan Cagod Ladoing with violation of Section 4(b) of Republic Act No. 9160 or the Anti-Money Laundering Act, as amended.
It said the complaint was filed after Ladoing was found to be in possession of more than P14 million in cash during the conduct of a consented search by operatives of the Philippine National Police Anti-Cybercrime Group (PNP ACG), together with the SEC Zamboanga Extension Office in 2022.
The search was conducted after the SEC’s investigation showed that Silverlion engaged in soliciting investments ranging from P5,000 to P100,000, with guaranteed earnings of up to 35 percent 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 days, the SEC said.
“The operations of Silverlion is still ongoing at the time of the consented search. Ladoing has no other source of income where the said amount might be sourced out. Thus, there is no other conclusion except that hefty amount in cold cash stored in the room rented by Ladoing are proceeds of the unlawful activity involving violations of the SRC,” the SEC complaint read.
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 and AMLC previously filed a complaint against Silverlion and its other officials in October 2023 for the same charges. While Silverlion is registered as a corporation with the SEC, it had not secured the necessary license to offer investments to the public, the SEC said.
The SEC said that prior to the filing of the complaints, it revoked Silverlion’s corporate registration and issued a cease-and0desist order against the company and its officers, directors and agents.