The Philippine Securities and Exchange Commission filed a criminal complaint against Royal Kingdom of Maharlika Pearl of the Orient Organization Inc., Royal Vanguard Transnational Intelligence Group Inc., founder Rolando Rhey Kipte Villar and 14 other members for allegedly soliciting investments without authorization and defrauding the public. The charges cover unregistered securities offerings, unregistered brokerage activity, investment fraud and offenses committed using information and communications technology. According to the complaint, the scheme sold cards costing PHP 200 to PHP 5,500 with promises of lifetime benefits ranging from PHP 100,000 to PHP 5 million, as well as earnings linked to purported wealth and assets of former President Ferdinand E. Marcos Sr. Royal Vanguard members were also required to pay PHP 5,500 for uniforms and badges. Both entities were registered as non-stock corporations but lacked the secondary license required to solicit public investments. The complaint followed the arrest of Villar and other members during a joint entrapment operation by the commission and the Philippine National Police on March 28.

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