The Securities and Exchange Commission (SEC) has canceled the corporate registration of Silverlion Livestock Trading Corp. for soliciting investments from the public without the requisite license from the agency.
In an order dated January 5, the SEC’s Enforcement and Investor Protection Department (EIPD) has revoked the certificate of incorporation of Silverlion for violation of the Revised Corporation Code of the Philippines.
The SEC said Silverlion’s activities constituted serious misrepresentation as to what it can do, to the great prejudice of or damage to the general public, a ground for the revocation of a corporation’s certificate of registration under Presidential Decree No. 902-A.
Silverlion also does not have the required secondary license from the SEC to offer or sell securities to the public, the SEC said.
Investigations by the EIPD and SEC Zamboanga Extension Office revealed that Silverlion had been offering and selling investment packages to the public with guaranteed returns of 35 percent within just 15 days. With this, investments ranging from P1,000 to P100,000 could yield returns worth P1,300 to P130,000, respectively.
Silverlion’s scheme involves securities, particularly an investment contract, whereby a person invests his money in a common enterprise and is led to expect profits primarily from the efforts of others, according to the EIPD.
As a form of security, investment contracts must be registered with the SEC before…
