In a statement, the SEC said those behind the lending company were convicted for submitting falsified documents for its registration.
In its decision, the Pasay City Regional Trial Court Branch 111 found Danica E. Gerero, Imelda C. Singh, Diven E. Gerero, Jasvir Singh, and Jaswant Singh guilty beyond reasonable doubt of violating Republic Act No. 9474, or the Lending Company Regulation Act of 2007 (LCRA).
The court accordingly sentenced each of the respondents, who formed Naurasidhu55 Lending and Trading Corporation as incorporators and directors, to pay a fine of P10,000.
The SEC filed the criminal complaint against the respondents upon finding irregularities in their application for the registration of Naurasidhu55 as a stock corporation, as mandated by the LCRA.