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SEC revokes Bill Ford VIP Trading for investment scheme
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SEC revokes Bill Ford VIP Trading for investment scheme
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Published April 23, 2021, 6:00 AM
The Securities and Exchange Commission (SEC) has canceled the corporate registration of Bill Ford VIP Trading, Inc. which has been found to have engaged in unauthorized investment activities resembling a Ponzi scheme.
In an order, the SEC Enforcement and Investor Protection Department (EIPD) found the group headed by a certain Billy Ford Delos Santos Andrada to have engaged in investment-taking activities by selling or offering securities to the public without the necessary secondary license from the Commission.
In doing so, BillFord Trading violated Section 44 of Republic Act No. 11232, or the Revised Corporation Code of the Philippines.
The company’s activities also constituted serious misrepresentation as to what it can do, to the great prejudice of or damage to the general public, a ground for the revocation of a corporation’s certificate of registration under Presidential Decree No. 902-A, according to the order.