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Thursday, November 29, 2012

SEC files fresh raps vs Aman Futures execs

Per GMA News, and available at http://www.gmanetwork.com/news/story/284339/news/nation/sec-files-fresh-raps-vs-aman-futures-execs:

November 29, 2012 5:43pm


A fresh complaint against the controversial Aman Futures Group Philippines Inc. was filed at the Department of Justice (DOJ) on Thursday, this time by the Securities and Exchange Commission (SEC).
 
Prosecutor General Claro Arellano said the SEC charged seven executives of the Aman Futures for supposed violation of Sections 8 and 26 of Republic Act 8799 or the Securities Regulation Code.
 
Those charged were: Aman Futures founder Manuel Amalilio, operator Fernando “Nonoy” Luna, and members of the board of directors Lelian Lim Gan, Eduard Lim, Wilanie Fuentes, Naezelle Rodriguez and Lurix Lopez.

Section 8 of RA 8799 (Requirement of Registration of Securities) requires that the SEC must first approve a firm's registration statement before the latter can sell or distribute securities within the Philippines.
 
"Prior to such sale, information on the securities, in such form and with such substance as the Commission may prescribe, shall be made available to each prospective purchaser," according to the same section.
 
Meanwhile, Section 26 on Fraudulent Transactions provides that: "It shall be unlawful for any person, directly or indirectly, in connection with the purchase or sale of any securities to:
 
26.1. Employ any device, scheme, or artifice to defraud;
 
26.2. Obtain money or property by means of any untrue statement of a material fact of any omission to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading; or
 
26.3. Engage in any act, transaction, practice or course of business which operates or would operate as a fraud or deceit upon any person."

Aman execs
 
Amalilio was last spotted in Kota Kinabalu in Malaysia, while Luna has yet to turn himself in to authorities. 
 
Meanwhile, all the five members of the Aman Futures board of directors appeared in a DOJ preliminary investigation last Tuesday for five separate cases of estafa against the firm, believed to have divested P12 billion from 15,000 investors.

The five are currently in the government's protective custody.
 
Luna was supposed to show up during Tuesday's preliminary investigation but backed out at the last minute, saying he would just appear in a different preliminary probe in Mindanao in December.
 
Arellano said the SEC case would automatically be referred to the special panel of prosecutors formed to handle all cases related to Aman Futures and another alleged investment scam by the firm of Jachob Rasuman, who is already in government custody. The special panel is headed by Senior Assistant STate Prosecutor Edna Valenzuela.
 
"This SEC complaint is a separate complaint altogether at iis-schedule pa ang preliminary investigation for this at pupunta pa sa Cagayan de Oro City at Pagadian City ang panel to conduct the probe dahil taga-doon ang mga complainant," Arellano told GMA News Online in an interview.
 
The DOJ is currently holding preliminary investigations for five other complaints against Aman Futures. 
 
The panel earlier concluded its preliminary investigation on Rasuman's group and recommended the filing of syndicated estafa charges against Rasuman and several other individuals before a Cagayan de Oro City court.
 
Aside from the SEC complaint, the special panel also has yet to schedule preliminary probes for the separate estafa complaints filed two groups of policemen and firefighters from Pagadian City who likewise fell prey to the Aman investment scam. — Mark Merueñas/RSJ, GMA News

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