DOJ orders probe of investment firm named in SEC complaint

By Benjamin Pulta

May 14, 2024, 3:36 pm

<p>Justice Secretary Jesus Crispin Remulla <em>(File photo)</em></p>

Justice Secretary Jesus Crispin Remulla (File photo)

MANILA – Justice Secretary Jesus Crispin Remulla on Tuesday directed the panel of prosecutors to leave no stone unturned in its investigation on officials of a firm named by regulators as allegedly behind an illegal investment scheme.

In a statement, the Department of Justice (DOJ) said it will closely scrutinize the complaint filed by the Securities and Exchange Commission (SEC) against the Maria Francesca Tan (MFT) Group of Companies Inc. and Foundry Ventures I Inc. implicated in the illegal investment scheme.

The Task Force on Business Scam led by Senior Deputy State Prosecutor (SDSP) Peter Ong began on Tuesday its first preliminary investigation of the charges against the corporations.

Complaints before the SEC by several investors showed that MFT offered 12-18 percent returns to investors through the issuance of post-dated checks, reflecting a 1-percent to 1.5-percent monthly interest.

Investors were given either a promissory note or borrower-lender agreement as proof of their investment. However, all of these were executed without proper documentation and registration with the SEC, making the same as illegal.

“Meticulously uncover every detail surrounding this case, look closely into every angle and if necessary, charge everyone who is proven to have defrauded our precious Filipino investors," Remulla told prosecutors.

"Investments are the life and blood of our economic sustainability, the immediate Resolution of this case is a top priority," he said. (PNA)