Silverlion Investment Scheme Now Over as SEC, NBI Seize Offices in Zamboanga

The SEC and the NBI raided the office of Silverlion, which the Commission says is facilitating a scam operation in Zamboanga.

Photo for the Article - Silverlion Investment Scheme Now Over as SEC, NBI Seize Offices in Zamboanga

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The Securities and Exchange Commission (SEC) Zamboanga Extension Office (ZEO), in a joint operation with the National Bureau of Investigation (NBI) Region IX, has officially halted the operation of Silverlion Livestock Trading Corp. It is after the joint operation implemented a search warrant against the entity’s offices at Apolinario Loop, Guiwan, and Green Valley National Highway, Brgy. Manicahan, both in Zamboanga City.

According to the two government agencies, they were able to confiscate bundles of cash, vouchers, and other devices in Silverlion’s office that were supposedly scheduled to be used for the upcoming payout of profits to its existing investors. Other reports even stated that the confiscated evidence included ₱15 million in cash, pistols and magazines, and documents believed to have been used in illegal business transactions.

Silverlion Zamboanga Raid
Photo courtesy of the 89.9 Brigada Zamboanga DURU Facebook Page

On a Facebook post by a FB page named Ang Dakilang Bobo, the page revealed that the SEC-Enforcement and Investor Protection Department (EIPD) recognized Silverlion as a registered corporation to sell frozen products, meats, and dried fish. 

However, the SEC-EIPD also emphasized that the firm is not registered to issue investment contracts. Thus, the agency immediately warned the public not to invest in or stop investing in Silverlion.

SEC Silverlion Zamboanga

The SEC-ZEO then filed criminal cases against Silverlion for violations of Sections 8.1, 26, and 28 of Republic Act No. 8799, or the Securities Regulation Code (SRC), in relation to Republic Act No. 10175, otherwise known as the Cybercrime Prevention Act of 2012, of which, the Zamboanga City Regional Trial Court Branch 15 issued the search warrants for its two offices. 

The violators were identified as Ryan Cagod Ladoing, Renan Lara Ladoing, Rosemarie Alvarez Guzman, Neña Ewayan Algoy, John Paul Dellara Lopez, and Michael Villalobos Berja. 

Ladoing has also been involved in the investment scam RGS World Marketing, which was the subject of a cease-and-desist order (CDO) and advisory issued by the SEC earlier this year.

Photo for the Article - Silverlion Investment Scheme Now Over as SEC, NBI Seize Offices in Zamboanga

The regulatory agency also emphasized that it had already issued a cease-and-desist order against Silverlion on November 17 after finding out that the firm was selling investment packages to the public. 

The order was then simultaneously served on the company together with a show-cause order issued by the EIPD, directing the company to explain why its registration as a corporation should not be revoked for serious misrepresentation as to what it can do or is doing to the great prejudice of or damage to the general public

“Investigations by the SEC ZEO showed that Silverlion had been offering and selling investment packages to the public with guaranteed returns of 35% within just 15 days. With this, investments ranging from P1,000 to P100,000 could yield returns worth P1,300 to P130,000, respectively,” the SEC explained. 

As of the moment, there is still no update on what will happen to the money of the investors; one of the investors even shared that he had invested ₱400,000 in the firm. 

Photo for the Article - Silverlion Investment Scheme Now Over as SEC, NBI Seize Offices in Zamboanga

There is also a video of Silverlion official Michael BoBorja, who admitted that before he entered the firm, he already knew that Ladoing had been involved in scams. 

“The SEC continues to be more proactive in its fight against illegal investment-taking activities. This year, the SEC has already issued 82 advisories against groups and individuals found to be soliciting investments from the public without the necessary license from the Commission,” the SEC concluded. 

This article is published on BitPinas: Silverlion Investment Scheme Now Over as SEC, NBI Seize Offices in Zamboanga

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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