THE Securities and Exchange Commission announced the arrest of several people selling securities without the required license during an event called “Real EsTea Talk” held in a hotel on Legarda Road, Baguio City.
The SEC said the joint operation led to the arrest of Jennylyn Galletes De Los Santos Floresca, together with 24 other agents, partners and employees. “[Evidence] shows that there is reasonable ground to hold respondents Floresca, Ruhhiya Ymana, Jerick Sadernas and Jacqueline Melchor liable for violations of Sections 8, 26 and 28 of the [SRC] for their acts of offering securities without the required registration statement duly filed with and approved by the SEC, for investment fraud, and for soliciting investments without license,” read the partial disposition by the Baguio City Office of the City Prosecutor.
The groups were found to have enticed the public to invest in their alleged real estate projects in Baguio City either as a buyer-investor or partner financier. The latter were promised a guaranteed monthly interest rate of 4.5 percent for 12 months, equivalent to 54 percent per year.
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