The Philippine Securities and Exchange Commission (SEC) reported that the Department of Justice has found prima facie evidence to file criminal complaints against Eton Phil Non-Specialized Wholesale Trading, SCET Colleens Corporation, and the group led by casino junket operator Hector Aldwin Liao Pantollana, along with their directors and agents, for alleged violations of the Securities Regulation Code linked to offering investment products to the public without the required SEC registrations and licences. For Eton Trading, prosecutors recommended charges against its founders and agents after the SEC found it offered investment contracts tied to frozen meat products with purported monthly profits of 20% to 50% and capital placements of PHP 5,000 to PHP 100,000, despite an SEC advisory in February 2023 and a cease and desist order in July 2023. SCET Colleens and its directors were indicted for alleged violations of Sections 8 and 28 and 28 counts under Section 26, with the SEC citing investment offerings promising returns ranging from PHP 3,800 to PHP 1.08 million or five to eight percent per month; the SEC filed its criminal complaint in May 2024 and had previously issued a cease and desist order in September 2021 and a revocation order in February 2023 that became final in May 2023. For the Pantollana group, prosecutors cited alleged investment solicitations to fund casino junket and financing activities through loan contracts promising guaranteed profits of 60% to 111% per annum, using three unregistered companies, and the SEC noted it issued a cease and desist order in March 2023 that was made permanent in October 2024. The SEC also highlighted that Securities Regulation Code violations can carry penalties of up to PHP 5 million in fines and up to 21 years’ imprisonment, or both.

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