MANILA, Philippines - The Securities and Exchange Commission (SEC) has filed a complaint with the Department of Justice (DOJ) against Aman Futures Group Philippines, Inc. and 7 of the embattled firm's officers, including its founder Manuel Amalilio, for violations of Republic Act (RA) No. 8799 or the Securities Regulation Code.
The complaint, signed by Atty. Ricardo C. Delos Santos III, accused Aman Futures, Amalilio, and the firm's board members: Fernando Laluna, Lelian Lim Gan, Eduard Lim, William Fuentes, Naezelle Rodriguez, and Lurix Lopez of violating Sections 8 and 26 of the said law.
Sec. 8 on Requirement of Registration of Securities states that "[securities] shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the Commission."
Sec. 26, meantime, states that "[i]t shall be unlawful for any person, directly or indirectly, in connection with the purchase or sale of any securities to: employ any device, scheme, or artifice to defraud; obtain money or property by means of any untrue statement of a material fact of any omission to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading; or engage in any act, transaction, practice or course of business which operates or would operate as a fraud or deceit upon any person."
The SEC complaint was the product of an investigation it conducted following an endorsement from the Dept. of Trade and Industry (DTI) last August. The DTI acted on a letter from a certain Serafin Barreto who asked the department to investigate the alleged anomalous investment scheme of Aman Futures in Pagadian City.
The SEC issued a cease and desist order on the firm's operations on Oct. 8 after it was discovered that the firm was operating without the appropriate license.
Several complaints for syndicated estafa had already been filed with the DOJ against Aman Futures for its alleged P12 billion pyramiding scam.
Amalilio has reportedly already fled the country while all of Aman Futures board of directors, except for Laluna, already surrendered to the National Bureau of Investigation.