DOJ asked to issue HDO vs Tibayan Group owners

The Securities and Exchange Commission has asked the Department of Justice to issue a hold-departure order (HDO) against the owners and officers of the Tibayan Group of Companies to prevent them from evading charges that may be filed against them.

Myra Alconaba, assistant director of the SEC’s Compliance and Enforcement Department, said the HDO was to prevent the owners of the Tibayan Group from fleeing the country.

Based on SEC records, listed as owners of the group’s mutual fund unit, Tibayan Group Investment Co. Inc. (TGICI) are Jesus Tibayan, Palmy Tibayan, Ezekiel Martinez, Liborio Ejacio, Jimmy Catigan, Nelda B. Baran, and Rico Puerto.

Alconaba said the DOJ, however, has yet to act on the SEC’s request.

The request for the issuance of the HDO comes on the heels of a plan to file a criminal complaint against the Tibayan Group for violation of the Securities Regulation Code and for syndicated estafa.

Alconaba said the complaint is expected to be filed by the end of this month. The CED is currently consolidating all the complaints filed by investors, estimated at over 10,000.

The Tibayan Group was issued a cease-and-desist order by the SEC for selling unregistered securities and illegally promising investors a fixed return on their investment, which is not supposedly a feature of mutual funds.

The CED has recommended the issuance of a permanent CDO against the group to prevent them from further defrauding the public.