The Securities and Exchange Commission has lodged criminal complaints against another investment company operating in various parts of the country that promised extremely high returns to its investors.

The SEC filed criminal complaints against key officers of Organico Agribusiness Ventures Corp. (Organico) on September 10 before the Department of Justice (DOJ).

President Cerrone Roial Posas, corporate finance officer Marve Subere Posas, corporate secretary Anthony Butaslac, and members of the board of directors Renato Subong and Karen Maasin, were charged for violation of Sections 8,26.3 and 28 of the Republic Act. No. 8799, otherwise known as the Securities Regulation Code (SRC). Also charged were Organico agents and representatives, Kathleen Hortesano, Rochelle Camacho and Annielyn O. Hilotin for acting as salesmen of Organico by directly offering and selling securities to the investing public.

The Commission said it found Organico assuring its investors a return of 66.67% after 90 days just by merely investing their money. The SEC said Organico has been operating in Ormoc City Leyte, Toril Davao City, Cebu City, and Quezon City.

The SEC warned the public on May 21 that Organico doesn’t have the necessary permits and authorization to offer, sell or distribute any investment/securities. The Commission added that it has issued a Cease and Desist Order on May 28 against Organico from engaging in activities of selling and/or offering for sale securities in the form of investment contract. On May 31, the SEC ordered the Revocation of Certificate of Registration of the company for Organico’s “serious misrepresentation” . Based on possible violations of Section 8.1 in relation to Section 73 of the SRC, the SEC was able to obtain search warrants on Organico’s offices from the Regional Trial Court Branch 20 Manila of Executive Judge Marivic Balisi-Umali on June 6. Armed with the search warrants, the PNP-CIDG and SEC raided Organico’s branches on June 11. (Rommel F. Lopez)