The Securities and Exchange Commission (SEC) has chalked up another victory in its campaign against unscrupulous lending firms with the conviction of the eight officers of Phil86 Gurunanak Lending and Trading Corp.
In a statement, the commission reported its successful prosecution by having eight officers of lending company Phil86 Gurunanak convicted for submitting falsified documents for their company registration with the SEC.
The SEC filed the criminal complaint against the officers after finding that they made a false statement in their application for the incorporation of Phil86. Upon verifying with the bank, however, the SEC found that no such certificate was issued. The Commission subsequently denied the company’s application for registration as a lending company.
This marks the 10th conviction scored by the SEC for violation of the LCRA, with a total of 86 individuals already convicted. The Commission has likewise secured two judgments of conviction under the RPC, with a total of 12 individuals convicted.
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