The Philippine Securities and Exchange Commission (SEC) reported that the Department of Justice has indicted New Seataoo Corporation and Seataoo Information Technology OPC for allegedly running an illegal investment scheme, following a complaint filed by the SEC. State prosecutors found prima facie evidence to charge the companies with violations of Sections 8 and 28 of the Securities Regulation Code in relation to Section 6 of the Cybercrime Prevention Act, and recommended 54 counts of violation of Section 26 of the Securities Regulation Code in relation to the same cybercrime provision. Individuals implicated include New Seataoo Chief Executive Officer Widiana Chen, Project Manager Dylan Lim, directors Anna Rose Jangao Tero, Jonathan Tuazon Garcia, Danny Tuazon Sudaria, Lew Yean Yee, and Seow Kai Sheng, and Seataoo OPC’s single stockholder Jayson Corono Clidoro. Prosecutors upheld the SEC’s finding that the Seataoo group offered securities in the form of investment contracts via a cross-border dropshipping e-commerce platform without a secondary license, enticing the public to deposit money to join a supposed dropshipping business and promising guaranteed returns of seven percent to 12 percent without genuine selling activity. The scheme was described as resembling a Ponzi scheme, with simulated transactions and internal rotation of funds, and the Cybercrime Prevention Act cited as increasing penalties by one degree for crimes committed through information and communication technologies; the SEC had previously revoked the companies’ certificates of registration in June 2024 and denied their appeal in December 2024.
Philippine Securities and Exchange Commission 2025-11-21
Philippine Securities and Exchange Commission complaint leads to Department of Justice indictments of New Seataoo and Seataoo OPC for alleged unregistered investment contracts
The Philippine SEC announced that the Department of Justice indicted New Seataoo Corporation and Seataoo Information Technology OPC for allegedly operating an illegal investment scheme. They are charged with violating the Securities Regulation Code and Cybercrime Prevention Act by offering unlicensed securities through a dropshipping platform, promising 7% to 12% returns without genuine sales activity. The SEC had previously revoked their registration certificates and denied their appeal.