PIPC agents, officers charged with fraud
December 4, 2007
The Philippine Daily Inquirer reported today that the Securities and Exchange Commission (SEC) has filed charges against the officers and agents of the forex investment firm Performance Investments Products Corp. or PIPC after it found the company in violation of certain securities laws.
PIPC grabbed the headlines in July this year after its Singaporean owner Michael Liew fled the Philippines and disappeared, taking with him more than $250 worth of investors’ money.
According to the Inquirer report,
The SEC found that PIPC Corp., its officers and agents were liable for violation of provisions of the Securities Regulation Code (SRC) under Section 8 or the illegal sale of unregistered securities; under Section 28 for failing to register brokers and agents to solicit investments, and under Section 26 for fraudulent transactions.
Named respondents were Singaporean national and PIPC Corp. chair Michael H.K. Liew, directors Cristina Gonzalez-Tuason and Cristina Jurado, and agents Eugene Co, Maria Pamela Morris, Michael Melchor Nubla, Luis Aragon, Mayenne Carmona, Anthony Kierulf, Renato Sarmiento Jr., Barbara Garcia, Jonathan Ocampo, Deborah Yabut, Victor Jose Vergel de Dios, David Chua-Unsu, Stanley Chua-Unsu, Nicole Ortega, Oudine Santos, Mia Legarda, Nicoline Amoranto Mendoza, Christine Yu and Herly Hesultas.
The SEC said the deception stemmed from the fact that neither PIPC Corp. nor its officers, employees and agents were registered brokers or dealers, making their transactions of offering and selling securities to the public “a blatant violation of the provisions of the Securities Regulation Code.”
The complaint also claimed that PIPC is not allowed to solicit or sell securities because its SEC documents showed that its purpose for which it was established was to act only as a financial research facility.
Read more about PIPC here:
- The Performance Investments Products Corp. (PIPC) scam
- Updates on the PIPC scam
- Progress of Ferrier Hodgson’s investigation of PIPC
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