BAGUIO CITY – The Securities and Exchange Commission (SEC) confirmed that the debunked Satarah Wellness Marketing and its affiliates reportedly est6ablished another entity in the name of Shevaun Company with the same proprietor and the same modus in order to circumvent the cease and desist order (CDO) issued by the agency against Satarah.
In his letter to Mayor Mauricio G. Domogan dated 27 July 2015, Jose P. Aquino, Director of SEC’s Enforcement and Investor Protection Department, cited the creation of Shevaun Company by the similar proprietor of Satarah was primarily aimed at replacing and continuing the operations of the original company in violation of the Securities Regulations Act.
“For your information, we have requested our SEC Baguio Extension Office to conduct surveillance on the activities of Shevaun Company in coordination with the PNP-CIDG – Cordillera,” Aquino stated.
Shevaun was found to be non-SEC or Department of Trade and Industry-registered and that the same reportedly solicits suppo0sed investments from the public in exchange for high interests within a short period of time.
It was learned that several investors informed SEC and police investigators that a new corporation, Shevaun Company, was earlier established to replace Satarah Wellness Marketing with the same proprietor and the same modus.
Probers are now conducting validation and gathering more information regarding the newly created investment company for the possible launching of legal offensives that would prevent or abate the proliferation of investment frauds in the Cordillera.
Last June 30, the SEC issued a cease and desist order against Starah Wellness Marketing and its affiliates ordering the said entities to immediately refraim, under pain of contempt, from further offering, soliciting, or otherwise offering or selling unregistered securities in the form of investment contracts to the public, such as, but to limited to, investment contracts, pooling of funds, investment trusts or similar forms, and in connect ion therewith, soliciting, accepting or receiving from others, money for the purpose of trading in any future contract.
It can also be recalled that Romyllie B. Lau, owner/proprietor of Satarah Wellness Marketing, wrote Mayor Domogan stating that the company has stopped accepting membership and will not solicit and accept funds from the public.
Earlier,Chief Superintendent Jose Erwin Toledo Villacorte of the Philippine National Police – Criminal Investigation and Detection Group, Camp Crame, Quezon City wrote SEC Commissioner Blas James G. Viterbo informing the SEC that Satarah Wellness Marketing already established a new company, Shevaun Company, with the same proprietor and the same modus and seeking whether or not the new corporation was registered with the regulating agency.
Hundreds of Satarah Wellness Marketing investors had already sought the assistance of concerned city officials and law enforcement agencies on how to recover their millions of pesos that were placed as investments but they could no longer collect them because of the alleged liquidity problems triggered by the CDO issued by the SEC.
By Dexter A. See
