MANILA, Philippines - The Securities and Exchange Commission (SEC) has asked the Department of Justice (DOJ) to issue a lookout bulletin order against suspects in a global scam involving investment firm Emgoldex.
The SEC, in the Nov. 9 request, said Kevin Miranda, Ryan Manuit, Charles Juiz Padilla,?Raahbel Ymas, John Rafael Calicdan, Jove Cajita and Paul Alviar reportedly violated the Securities Regulation Code by selling unregistered securities to the public and doing so without a license.
Emgoldex, which was renamed Global InterGold (GIG), used social media to lure investors, promising high returns.
?The SEC said most of the suspects were the incorporators of Prosperous Infinite Philippines Holdings Corp., which was registered in August to aid GIG investors who were unable to obtain a return on their investments.
The commission said Emgoldex and GIG are not registered with the SEC. Charges against the three firms were earlier filed by the SEC.
The DOJ issues an LBO to monitor the movements of suspects. The Bureau of Immigration then issues an alert bulletin, which directs BI personnel to inform the DOJ should the suspects pass through immigration counters at international airports or seaports.
The suspects face a fine of P5 million, a prison term of seven to 21 years or both.
Crimes committed in cyberspace and through the use of information and communication technologies also carry a higher penalty, as provided under the Cybercrime Prevention Act of 2012, the SEC said.