The Securities and Exchange Commission (SEC) has secured the conviction of five officers from All-in 7,000 Lending and Trading Corp. for submitting falsified documents during their company registration.
The Metropolitan Trial Court of Pasay City, Branch 47, found Jerlie O. Singh, Erlinda O. Ocampo, Elaine O. Ocampo, Erwin O. Ocampo, and Amarjit Singh guilty of falsifying public documents, as defined under Article 172(1) of the Revised Penal Code. The court’s decision, dated June 25, sentenced each officer to prison terms ranging from one year to two years and two months, along with a fine of P5,000.
This conviction is part of the SEC’s efforts to regulate the lending industry. To date, the SEC has revoked the licenses of 39 financing and lending companies for various violations and shut down 58 online lending applications operating without proper authority.
The SEC’s investigation revealed that All-in 7,000 submitted a falsified certificate of bank deposit, allegedly issued by Banco De Oro’s Pasay-Two Shopping Center Branch, to meet the paid-up capital requirement of P1 million under the Lending Company Regulation Act of 2007. The SEC found that the certificate was neither issued by the bank nor its manager.
The court emphasized that the officers’ reliance on intermediaries to obtain the false certification showed their awareness of the falsification, making them liable.
This marks the SEC’s third conviction under the Revised Penal Code, bringing the total number of individuals convicted to 17. Also, the SEC has achieved 11 convictions for violations of the Lending Company Regulation Act, with 92 individuals convicted. Through its Corporate Governance and Finance Department, the SEC has also canceled the registration of 2,084 lending firms for non-compliance with the act.
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