Defining the News
The Department of Justice has designated a prosecutor to conduct the preliminary investigation of the criminal complaints filed by the Securities and Exchange Commission against the owners and officers of Maria Francesca Tan Group of Companies, Inc. and Foundry Ventures I, Inc. for engaging in alleged illegal investment activities.
The agency also accused MFT Group of Companies and Foundry Venture of violations of Section 54.1, in relation to Section 54.2 of the SRC, and Section 177 of RA 11232, the Revised Corporation Code , and SRC Rule 68, in connection with material misrepresentations in their audited financial statements. Under Section 8 of the SRC, the SEC explained “securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the SEC.”
In its DOJ complaints, SEC said that the MFT Group of Companies and its officers and directors were also liable for 17 counts of misrepresentations in its 2018 to 2021 audited financial statements by reflecting dividend income which has no basis.
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