SEC officials said Glasgow was willing to settle the fine in exchange for the dropping of charges against the company, its officers and owners.
The SEC earlier said it was considering filing a criminal complaint against Glasgow officers to make them answerable for all the losses incurred by investors.
Shareholders of Glasgow include Manuel Roldan Jr., Radicion Baldia, Jenilyn Condes, Jonathan Condes, and Roldan Estacio.
Apart from paying the assessed fine, Glasgow also offered a settlement package.
Glasgow was issued a cease-and-desist order by the SEC for issuing investment contracts without prior registration with the Commission.
Glasgow offered interest rates between 10 and 15 percent for six month-placements of P50,000. Upon signing of the contract, Glasgow would issue seven post-dated checks to investors covering the six monthly interest payments and the principal.
SEC said the investment contracts issued by Glasgow to investors fall under the srcs definition of securities and should therefore have been registered with the Commission prior to distribution to the public.
An investment contract is defined under the src as a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits primarily from the efforts of others.
The promise of profits is clearly stated in the contract itself, including a rate of return far greater than the standard rate offered by banks at the present time. Thus, the contract clearly involves an investment of money with the expectation of earning interest from such placement, the SEC added.
In an advisory issued last week, the SEC said investors of Glasgow can start claiming a portion of their investments on Nov. 26. The payment will be in the form of managers checks.
Each investor will receive 79.37 percent of his or her outstanding claim based on the P696.29-million worth of cash seized from several banks of Glasgow.
The funds will be shared equally by Glasgow investors, pro-rated against their original investments. Based on SEC records, the total claim of investors is P939.28 million.
The Commission, however, said only investors whose names appear on both the lists of the SEC and Glasgow can start collecting their payments on Nov. 26 to 29.
The SEC has yet to decide on how to handle the amount of disputed claims.
The Commission has advised investors to check with the Compliance and Enforcement Department the exact schedule as to when they can get their money back.
Investors are required to appear in person when collecting their checks. They should bring two official IDs with their photographs and signatures such as drivers license, passport, and Social Security System ID.
In addition, investors should bring the original checks and contracts with the SEC-received stamp.
According to the SEC, there were some 625 investors who claimed that they invested around P141.39 million but their names were not on the list of investors submitted to the SEC by Glasgow.