A Quezon City regional trial court fined three persons a total of P2 million for illegally soliciting investments from the public.
Considered a legal victory over the perpetrators of the scam, the move was lauded by the Securities and Exchange Commission (SEC).
In a decision dated Nov. 27, 2020, the Quezon City Regional Trial Court Branch 90 found Rolando Pascua, Jr., Celia Pascua, and Mary Jane Recto guilty beyond reasonable doubt for violations of Section 8 of Republic Act 8799, otherwise known as Securities Regulation Code (SRC).
“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 chairperson 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.
The case stemmed from affidavits filed on Sept. 14, 2009 by 22 complainants-investors with the SEC’s then Enforcement and Prosecution Department, now the Enforcement and Investor Protection Department (EIPD).