Everflow director and merchant Marine Capt. Felix Aquino clarified that the search warrant was directed to gather pieces of evidence against Multitel because of their short-lived association.
Aquino also appealed to SEC officials to spare their company from whatever case it is building against Multitel, saying they have suffered enough already.
"Our short-lived association with Multitel has been taking its toll on us and sadly SEC has been an unwitting instrument in justly persecuting us," Aquino explained.
Contrary to newspaper accounts, Aquino clarified that Everflow was never engaged in "pyramiding" schemes similar to the charges now being faced by Multitel.
While it is true that their firm served as Multitel’s financial consultant, Aquino said it ended after SEC issued a cease-and-desist order (CDO) against Multitel on Jan. 15 for engaging in the unauthorized sale of securities.
Multitel was charged with soliciting investments from the public by offering interest rates ranging from 10 to 15 percent. The company reportedly failed to remit investments amounting to billion of pesos.
Aquino pointed out that the SEC could have easily issued a CDO instead of raiding the office of Everflow on the basis of search warrant issued by Makati Regional Trial Court Judge Ma. Cristina Cornejo.