June 20, 2024 - The Securities and Exchange Commission (SEC), along with the Anti-Money Laundering Council (AMLC), has filed another case against Silverlion Livestock Trading Corp. for illegally soliciting investments and money laundering.
Silverlion CEO Accused of Violating Anti-Money Laundering Act
The joint complaint, filed on June 4, 2024, charges Silverlion CEO Ryan Cagod Ladoing with violating Section 4(b) of Republic Act No. 9160, or the Anti-Money Laundering Act (AMLA). This section prohibits handling money derived from illegal activities.
Silverlion's Investment Scheme Raised Red Flags
The SEC launched an investigation after discovering Silverlion offering investments between P5,000 and P100,000 with unrealistic guaranteed returns of up to 35% in just 15 days. They even promised a car to any investor who invested P400,000 for 60 days.
Large Cash Haul Points to Money Laundering
Authorities found Ladoing with over P14 million in cash during a consented search in 2022. The SEC believes this large sum, with no other apparent source, is evidence of money laundering connected to Silverlion's illegal investment scheme.
Silverlion Faces Consequences
The SEC previously revoked Silverlion's corporate registration and issued a cease-and-desist order due to their unregistered investment activities. This new case adds money laundering charges to the company's troubles.
Investors Urged to Caution
This case highlights the importance of investor vigilance. The SEC advises against investing in schemes with unrealistic returns or those not registered with the commission.