The Philippine Securities and Exchange Commission (SEC) announced that the Department of Justice (DOJ) will file criminal charges against Modesto Cardano Market Cap Tr3ding Services OPC and its officials for the illegal solicitation of investments from the public, following a complaint lodged by the SEC. State prosecutors found prima facie evidence of violations of the Securities Regulation Code, with penalties elevated under the Cybercrime Prevention Act for conduct allegedly carried out using information and communications technologies. A DOJ resolution dated November 19 found grounds to charge the company for violating Section 8 of Republic Act No. 8799 in relation to Section 6 of Republic Act No. 10175, while the company’s sole stockholder, director and president Modesto Clidoro Miravalles, along with nominees Tonio Miravalles and Karissa Alviar, were also implicated for alleged violations of Sections 8 and 28 of the Securities Regulation Code, likewise in relation to the cybercrime law. The SEC’s Enforcement and Investor Protection Department began monitoring Modesto OPC in March 2024 after it failed to submit hard copies of its articles of incorporation, and subsequent investigation found the firm offering investment opportunities through social media, including plans marketed with guaranteed monthly returns of 10 percent; the DOJ cited SEC certifications indicating the firm was not a registered issuer and had no authority or pending application to publicly offer or sell securities.

Original source View in tracker