The Securities and Exchange Commission (SEC) has issued a cease-and-desist order against R.L. Aggregates and Diversified Lending Group, Inc. for its 鈥渇raudulent鈥 and 鈥渄eceitful鈥 scheme.听听听
R.L. Aggregates was found soliciting investments from the public using听a听copy of its articles of incorporation听that was altered to state听that 鈥渢he corporation shall direct, solicit, accept or take investments/placements from the public and shall issue investment contracts.鈥澨听
鈥淭he SEC issued the order after finding that R.L. Aggregates has been enticing the public to invest in the company in exchange for guaranteed returns of 1% per day or 30% per month over a lock-in period of three months,鈥 the regulator said in a statement on Friday.听听
The entity, which is听registered with the commission,听also听as a certificate of authority to operate as a lending company. However, it does not have the secondary license needed to solicit investments from the public.听听
鈥淭hrough the falsified听articles of incorporation, R.L. Aggregates was able to conveniently offer and/or sell unauthorized securities from investors by means of fraud,鈥 the commission said.听听听
R.L. Aggregates promotes a听scheme where investors may听deposit as low as P1,000听and can allegedly earn听P150 every 15 days or P1,900 monthly.听听听
听The SEC鈥檚 Enforcement and Investor Protection Department (EIPD) also found R.L. Aggregates falsely declaring that it is a parent company of cooperative and lending groups that cater to agriculture, small businesses, and small-scale mining in Masbate.听听听
The commission also said the entity鈥檚 authorized capitalization amounted to only P1.5 million, making the business model unsustainable and 鈥渨ill likely cause grave or irreparable injury or prejudice to the investing public.鈥澨听
The SEC released an advisory against R.L. Aggregates in February this year to warn investors that the entity is not authorized to collect investments from the public. The commission said it received a number of complaints and inquiries about the entity following the publication of the advisory.听听
As of March听2021, the commission said 21 complainants formally filed their complaint-affidavits with the EIPD.听听
鈥淭he company, along with its operators, directors, officers, representatives, salesmen, and agents, has likewise been prohibited from transacting any business involving funds in its depository banks, and from transferring, disposing, or conveying in any manner, any related assets to ensure the preservation of the assets of the investors,鈥 the SEC said.听听
The cease-and-desist order also applies to R.L. Aggregates鈥 directors Roberto S. Llorente, Jennylyn M. Clemente,听Patricip听B. De Villa, Carlo S. Mamaril and Alvin C.听Camanero.听听听
It also covers the entity鈥檚 operators, officers, representatives, salesmen, and agents as well as other individuals acting under R.L. Aggregates鈥 behalf. The SEC named Ashley Reyes, Maya Gonzalez, Randy Dela Cruz and Kenneth Daniel Papa as part of the investment scheme.听听听
听“The SEC further enjoined the company to cease its internet presence relating to the transactions and investment scheme covered by the order,鈥 the regulator said. — Keren Concepcion G. Valmonte听听
