An official from the Securities and Exchange Commission (SEC) explains the violations of Neri Miranda.
Actress-businesswoman Neri Miranda was arrested with 14 counts of securities violation and a SEC official has this explanation about it.
Actress Neri Miranda was arrested for estafa and 14 counts of violation of the Securities Regulation Code. The latter is also known as the Section 28 of Republic Act No. 8799. This particular section states that a person cannot buy, sell, or make transactions as a salesman, dealer, broker, or anyone associated with the said positions unless they are registered with the Securities and Exchange Commission (SEC).
Neri’s arrest reached online headlines. The 14 counts of violation of Section 28 of the Republic Act 8799 or the Securities Regulation Code are bailable with the total amount of Php 1,764,000.00 but her estafa case has no recommended bail.
SEC Director Filbert Catalino Flores III recently explained her securities violations. During his TeleRadyo Serbisyo interview, the SEC official shared that Neri was the one who persuaded people to make investments in Beyond Skin Care, the company that is being investigated.
Dermacare-Beyond Skin Care Solutions operated by COO Ms. Chanda Atienza and company admin and finance manager Venus Eunice Gonda accordingly offered “franchise partner agreements”. This came with the promise of 12.6 percent interest of guaranteed returns every quarter for a period of 5 years.
However, this company is not authorized to solicit investments from the public due to its failure to secure a registration and/or license to do so. SEC warned that those who will convince people to invest in Beyond Skin Care will be held criminally liable for violating Section 11 of the Financial Products and Services Consumer Protection Act and Section 28 of the SRC.
These people include salesmen, brokers, dealers or agents, promoters, recruiters, uplines, influencers, and endorsers. Flores said, “Ang nakuha naming impormasyon po ay siya po ay naghikayat ng mga investments dun sa Beyond Skin Care. Yun po yung kumpanya na iniimbestigahan po.”
Both of these offenses are penalized with a maximum fine of P5 million or imprisonment of 21 years or both.
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