E-TON PHIL TRADING NON-SPECIALIZED WHOLESALE TRADING/ ETON TRADING/ ETON PHIL TRADING/ ETON TRADING: PROFIT SHARING formerly known as FIN TRADING

Securities and Exchange Commission Republic of the Philippines Department of Finance

COMMISSION EN BANC

In the Matter of:

E-TON PHIL TRADING NON. SPECIALIZED TRADING/ETON TRADING/ETON WHOLESALE

ETON TRADING: PROFIT SHARING PHIL TRADING/

formerly known as FIN TRADING

SEC CD0 Case No. 06-23-103 Promulgated: 15 June 2023

ENFORCEMENT AND INVESTOR PROTECTION DEPARTMENT

Movant.

CEASE AND DESIST ORDER

This resolves the Motion for Issuance of a Cease and Desist order

referred to as the "Subject Entities"], its officers, representatives, Protection Department (EIPD), praying that an Order be issued directing MALABARBAS (DTI registered owner of ETON TRADING) [collectively salesmen, and all persons, conduit entities and subsidiaries claiming and E-TON TRADING/ETON TRADING/ETON PHIL TRADING/ETON TRADING: PRINCESS SAMSON CABUNGCAL-FRIAS (reported and known to be the engaging in the sale and/or offer of securities in the form of investment Commission. (the "Motion") filed on 06 June 2023 by the Enforcement and Investor PROFIT SHARING and also formerly known as FIN TRADING acting for and in its behalf (the "Agents") to cease and desist from further contracts as they have no license/permit to offer/sell securities from the CEO of FIN TRADING and ETON TRADING) and ELTON JOHN PHL TRADING NON-SPECIALIZED WHOLESALE

immediately prohibited from transacting any and all business involving the funds in their depository banks, and/or from transferringedisposing. The EIPD also prays that the Subject Entities and their Agents be

PAGE THE OOCUMENTS ON RECORD CERTIFIED TRUE COPY Of O 1 FAGES

BY:

[n the Matter of Eton Phil Trading Non-Specialized Wholesale Trading/ Eton Trading: Profit Sharing formerly known as FIN Trading Eton Trading/ Eton Phil Trading. SEC CDO Case No. 06-23-103 Cease and Desist Order Page 2 of 12

or conveying in any other manner, any and all assets, properties, real or personal, including bank deposits, if any, of which the named persons herein may have any interest, claim or participation whatsoever, whether directly or indirectly, under their custody, without the prior written authority from the Commission.1

THE PARTIES

Movant EIPD is one of the Commission's operating departments tasked, among others, to investigate and institute administrative actions

unregistered securities without the requisite secondary license.2 against persons and entities engaged in the sale and/or offer of

ETON TRADING (formerly known as FIN TRADING) and E-TON TRADING: PROFIT SHARING are entities that are not registered with the

Corporation.3 These entities are allegedly engaged in the sale of frozen Commission either as a corporation or as a partnership or a One Person

goods.

E-TON PHIL NON-SPECIALIZED WHOLESALE TRADING is an entity registered with the Department of Trading and Industry (DTI).

CEO of FIN TRADING and ETON TRADING. Princess Samson Cabungcal-Frias is the reported and known

ETON TRADING. Elton John Mejias Malabarbas is the DTI-registered owner of

RELEVANT FACTS

of complaints which were sent/filed electronically against ETON TRADING, ETON TRADING: PROFIT SHARING and ETON PHIL TRADING alleging that they have scammed billions of Pesos from Filipinos here and abroad.4 Beginning January 2023, the EIPD received a considerable number

investigation and surveillance operation on the business operations and of the same, and to determine if the relevant provisions of the Securities transactions of the Subject Entities and their Agents to verify the veracity Acting on the said complaints, the EIPD conducted a formal

4 Statement of Facts No. 1 and 2 of the Motion, See Annex "A" to "A-30" 1 Motion for Issuance of a Cease and Desist Order dated 05 June 2023 2 Section 2-2 (cl(1-c), Rule II, Part I of the 2016 SEC Rules of Procedure 3 Annex "B" of the Motion PAGE THE D CERTIFED TRUE COPY O 0 CUMENTS ON RECORD SEC .GC PAGES

BY

In the Matter of Eton Phil Trading Non-Specialized Wholesale Trading/ Eton Trading: Profit Sharing formerly ! Eton Trading/ Eton Phil Trading/ SEC CDO Case No. 06-23-103 Cease and Desist Order n as FIN Tradi. Page 3 of 12

Regulation Code (the "SRC"} and/or other applicable laws have been violated. Relative thereto, the EIPD looked into and gathered information online5, specifically from the social media accounts of the Subject Entities and their Agents, all of which were submitted in evidence. The information and the evidence presented by the EIPD show that the Subject Entities and/or their Agents selling/offering unregistered securities without the requisite license from the Commission.

The investment scheme employed by the Subject Entities involves the offer/sale of the following investment plans which they classified into four (4) options, to wit:

OPTION A: 20% Monthly Cash Out - 11 Months Lock-In Capital, Cash-Ins Until January 31, 2023 (Auto ReCash-In Capital if Extended)

OPTION B: 30% Compounding - 3 Months Lock-In Capital, Cash-Ins Until September 30, 2023 (Auto ReCash-In Capital)

OPTION C: 40% Non-Compounding - 6 Months Lock-In Capital & Interest, Cash-Ins Until June 30, 2023 (Auto ReCash-In Capital)

OPTION D: 50% Non-Compounding - 11 Months Lock-In

ReCash-In Capital If Extended) Capital & Interest, Cash-Ins Until September 30, 2023 (Auto

Under the foregoing scheme, an investor may invest in amounts ranging from PHP 5,000.00 to PHP 100,000.00, and is guaranteed to earn an income ranging from PHP 1,250.00 to PHP 39,062.50 depending on the option chosen. The investor may also earn a rebate bonus in an

entice their investors to park their investments with them for a longer period for a higher yield. amount equivalent to 5% of the fresh cash-ins.6 The Subject Entities

the offer made by the Subject Entities to the public which is posted in their Facebook account, and which affirms that the latter are engaged in investment-taking activities, thus: Relative thereto, the EIPD submitted in evidence a screenshot of

6 Annex "F-8" of the Motion 5 Annex "A PAGE THE DOCUMENTS ON RECORD CHRTLFIED TRUE COFY OF SEC -- OGC D PAGES

BYs

(n the Matter of Eton Phil Trading Non-Specialized Wholesale Trading/ Eton Trading: Profit Sharing formerly known as FIN Trading Eton Trading/ Eton Phil Trading/ SEC CDO Case No. 06-23-103 Cease and Desist Order Page 4 of 12

VFEBRUARY OFFERV OPTION B: 2S% COMPOUNDING INTEREST FOR 3 MONTHS

" S% REBAtES FOR ABOVE 5OK UP FRE: NBi CUTOFF DATE : FEBRUARY 10. ZO23 CASHOUT DATES : MAY 11-20TH. 2OZ3 H CAsHIns onLY

SAMPLE COMPUTATION

APTAI CAETA10.000

Iit Month: +1,250(2596 +2.500(259) -0 tMon T0056 Da.00 ae

+1,$63(25%) 17.50 RdMonth +3,125(25%) 62,50 nd Moath 1E.5253531 -c rd montt +31,250(25%) 125.000

5.r1 71.12 F

t07f29 15.625+3.906(25%) rMo 78,125+19,531(25%) raoTt 17c8 9.765.63 0-0 19,531.25 OTAL 17..1 47

CO-ADMIN TRISH SHIONN

engaged in the unauthorized sale of unregistered securities, the EIPD submitted in evidence Certifications issued by the Company Registration Moreover, in support of its allegation that the Subject Entities are

and Monitoring Department (CRMD), Markets and Securities Regulation Department (MSRD), and the Corporate Governance and Finance Department (CGFD) of the Commission which confirmed that the Subject

license to sell/offer securities; nor have they filed an application for the approval of the required registration statement. Entities are not registered with the Commission, have not been issued a

company ETON PROPERTIES PHILIPPINES, INC. and any of its subsidiaries nor do they have any affiliation thereto. Entities are not in any way related to or connected with the registered Based on the verification conducted by the EIPD, the Subject

informing the public that the Subject Entities and their Agents are offering, soliciting, and/or selling investments from the public without investing in the Subject Entities and/or exercise caution in dealing with the requisite license, and warning the latter not to invest, or to stop the latter. On 3 February 2023, the Commission issued an Advisory7

ISSUE

the Subject Entities and their Agents is warranted based on the allegations and evidence presented by the EIPD. Whether the issuance of a Cease and Desist Order (CDO) against

SEC -OGC

7 Id. Annex "G" PAG THE DOCUMENTS ON RECORD CERTIFIED TRUE COPY OF A 1 PAGES

Y

In the Matter of Eton Phil Trading Non-Specialized Wholesale Trading. Eton Trading: Profit Sharing formerly known as FIN Trading Eton Trading/ Eton Phil Trading/ SEC CDO Case No. 06-23-103 Cease and Desist Orde 'age 5 of 12

RULING

The Motion is impressed with merit.

The EIPD was able to establish by substantial evidence that the Subject Entities and their Agents are offering and/or selling unregistered securities to the public in the form of investment contracts without the requisite license from the Commission

Section 3 of the Securities Regulation Code ("SRC") defines securities, to wit:

"SEC. 3. Definition of Terms.

or electronic in character. It includes: corporation or in a commercial enterprise or profit-making venture and evidenced by a certificate, contract, instrument, whether written 3.1. "Securities" are shares, participation or interests in a

XXX

participation in a profit-sharing agreement, certificates of deposit for a future subscription;" (Emphasis supplied) b Investment contracts, certificates of interest or

Regulations of the (the "SRC-IRR") specifically defines an investment contract as follows: In relation thereto, Rule 26.3.5 of the 2015 Implementing Rules and

scheme (collectively "contract") whereby a person invests his money in a common enterprise and is led to expect profits primarily through the efforts of others. An investment contract is presumed to exist whenever a person seeks to use the money or property of others on the promise of profits. "An investment contract is a contract, transaction or

investors "pool" their resources, creating a common enterprise, even if the promoter receives nothing more than a broker's commission." (Emphasis supplied) A common enterprise is deemed created when two (2) or more

contract as a contract or scheme for the placing of capital or laying out of money in a way intended to secure income or profit from its employment.: Investment contracts have been used and adopted in various situations where individuals were led to invest money in a common enterprise with the expectation that they would earn a profit In SEC v. Howey Co., the US Supreme Court defined an investment

3 328 U.S. 293 (1946) THE DOCUMENT'S ON RECORL CERTIFIED TRUE COPY OF SEC -OGC

PAGE 5 PAGE

3Y

In the Matter of Eton Phil Trading Non-Specialized Wholesale Trading/ Eton Trading: Profit Sharing formerly known as FIN Trading Eton Trading/ Eton Phil Trading/ SEC CDO Case No. 06-23-103 Cease and Desist Orde Page 6 of 12

through the efforts of the promoter or of someone other than themselves.9

Section 8.1 of the SRc categorically provides that securities cannot be sold or offered for sale within the Philippines if the same are not

Statement and a Permit to Offer/Sell issued in favor of the applicant, to registered with the Commission in the form of an approved Registration

Wit:

securities, in such form and with such substance as the Commission may prescribe, shall be made available to each prospective purchaser." (Emphasis and underscoring supplied) "SEc. 8. Requirement of Registration of Securities. - 8.1 Securities approved by the Commission. Prior such sale, information on the shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and

registered with the Commission for the protection of the investing public, Commission,10 the Supreme Court applied the afore-quoted provision and ruled that investment contracts are securities that are required to be to wit: In the case of Power Homes Unlimited v. Securities and Exchange

the capital markets depend on the investing public's level of must be registered with public respondent SEC, otherwise the SEc cannot protect the investing public from fraudulent securities. confidence in the system." (Emphasis supplied) The strict regulation of securities is founded on the premise that "As an investment contract that is security under R.A. No. 8799, it

makes an investment of money, (2) in a common enterprise, (3) with the money in a common enterprise with the expectation of earning a profit roots from the US Supreme Court case entitled Securities and Exchange Commission v. W.1. Howey Co.11 where the Court held that an investment contract is a transaction, contract, or scheme whereby a person (1) expectation of profits, (4) to be derived solely from the efforts of others. On this basis, transactions or schemes where individuals invest their The concept of an investment contract in the Philippines traces its

replaced the qualifier with "primarily", acknowledging that an investment contract may still be 11 328 U.S. 293, 66 S. Ct. 1100, 90 L. Ed. 1244, 163 A.L.R. 1043 (1946). % Ibid. Although the definition as stated in the Howey Case qualified that the earning of profit was expected to be solely through the efforts of another party, Rule 26.3 of the 2015 IRR of the SRC present where the individual who placed the money exerted a small amount of effort.in an.attempt 10 Note 24, Supra to earn the profits. THE DOCUMENTS ON RECORD CERTIFIED TRUE COPY OF SEC.-OGC

PAGE e H PAGES

In the Matter of Eton Phil Trading Non-Specialized Wholesale Trading/ Eton Trading: Profit Sharing formerly known as FIN Tradin Eton Trading/ Eton Phil Trading/ SEC CD0 Case No. 06-23-103 Cease and Desist Orde Page 7 of 12

through the efforts of the promoter or of someone other than themselves were consistently been considered as investment contracts.12

This concept of investment contract was thereafter adopted and used in Power Homes Unlimited Corporation v. Securities and Exchange Commission,13 where the Supreme Court ruled that in our jurisdiction, for transactions/schemes to be considered securities in the form of investment contracts, the following elements must be shown to exist: (1) an investment of money; (2) in a common enterprise; (3) with expectation of profits, (4) primarily from the efforts of others. The Supreme Court

her funds and submits their control to another for the purpose of deriving profits from them, he or she is in fact investing in securities.14 further ruled that whenever an investor relinquishes control over his or

Applying the foregoing to the instant case, the Commission finds and so holds that the Subject Entities and their Agents are engaged in the

an investment contracts in violation of Section 8 of the SRC, considering that all the elements of the Howey Test are present, thus: unauthorized sale and/or offer of unregistered securities in the form of

investment of money ranging from PHP 5,000.00 to PHP 100,000.00.15 The numerous complaints received by the EIPD affirm that people actually invested in the Subject Entities.16 First, the investment scheme of Subject Entities requires an

pay the guaranteed returns of existing investors to ensure their continued operation. This is the common enterprise that is being sustained by the investments received by the Subject Entities from the pooling of the investors' money/funds which are purportedly used to finance the importation of frozen goods17, but which are actually used to public. Second, the investment scheme of the Subject Entities involves the

promise of guaranteed returns18 ranging from 20% to 50% depending on the lock-in period, to wit: Third, the Subject Entities is offering investment plans with a

12 Ibid. Although the definition as stated in the Howey Case qualiffed that the earning of profit was expected to be solely through the efforts of another party, Rule 26.3 of the 2015 SRC IRR replaced the qualifier with "primarily", acknowledging that an investment contract may still be present where the individual who placed the money exerted a small amount of effort in an attempt to earn the profits. 14 Investment Co. institute v. Camp, 274 F. Supp. 624 (D. D.C. 1967). 16 Annex "A-1" to Annex "A-30" 15 Annex "F-13" of the Motion 17 Annex "F-15" of the Motion 15 Annex "F-7" of the Motion 13 G.R. No. 164182, 26 February 2008 CERTIFIED TRUE COPY OF SEC -. OGC

THE DOCUMENTS ON RECORD

PAGE AGE

In the Matter of Eton Phil Trading Non-Specialized Wholesale Trading. Eton Trading: Profit Sharing formerly known as FIN Trading Eton Trading/ Eton Phil Trading/ SEC CDO Case No. 06-23-103 Cease and Desist Order Page 8 of 12

I. I I. "20% monthly cash out with a lock-in period of 11 months," "30% monthly compounding interest with a lock-in period of "40% monthly non-compounding interest with a lock-in 3 months,"

period of 6 months," and iv. "50% monthly non-compounding interest with a lock-in

period of 11 months."

Fourth, the profits which investors expect to receive are generated by the efforts of the Subject Entities and their Agents who carry out the operations to ensure the entry of new investors and payment of the guaranteed returns to early investors. Thus, after an investor parts with his/her hard-earned money, all he/she needs to do is to wait for the maturity date of the option chosen and claim the guaranteed return.

Moreover, the act of the Subject Entities and their Agents in publicly offering its unauthorized investment scheme through their respective social media accounts, inviting and enticing investors to part

2015 IRR of the SRC, thus: with their hard-earned money, and promising guaranteed returns, constitute a public offering of securities as defined in Rule 3.1.17 of the

information communication technology or any other forms of communication; or iv. Distribution and/or making available flyers, to prospective purchasers through the postal system, information distribution." (Emphasis supplied) the public or to anyone who will buy, whether solicited or unsolicited. Any solicitation or presentation of securities for sale through any of the following modes shall be presumed to be a public offering: i." Publication in a newspaper, magazine or printed reading material which is distributed within the Philippines or any part thereof; ii. Presentation in public or commercial place; iii. Advertisement or announcement in any radio, telephone, electronic communications brochures or any offering material in a public or commercial place, or communication "Rule 3.1.17 - Public Offering is any offering of securities to technology and other means of information

license to offer securities, their act of publicly offering unregistered securities constitutes a clear violation of the afore-quoted provision of the SRC-IRR. Considering that the Subject Entities and their Agents have no

a hearing if, to its mind, the act or practice will operate as a fraud on that the Commission may issue a CDO without the necessity of conducting Relative to the issuance of a CD0, Section 64.1 of the SRC provides

SEC - OGC

THE D CERTIFIED TR HE COPY OF UMENT N RECORD PAGE GE

H

In the Matter of Eton Phil Trading Non-Specialized Wholesale Trading/ Eton Trading: Profit Sharing formerly known as FIN Trad Eton Trading/ Eton Phil Trading/ SEC CDO Case No. 06-23-103 Cease and Desist Orde Page 9 of 12

investors or is otherwise likely to cause grave or irreparable injury or prejudice to the investing public, thus:

"Section 64. Cease and Desist Order. - proper investigation or verification, motu proprio or upon verified complaint by any aggrieved party, may issue a cease and desist order 64.1. TheCommission, after

without the necessity of a prior hearing if in its judgment the act or practice, unless restrained, will operate as a fraud on investors or is otherwise likely to cause grave or irreparable injury on prejudice to the investing public." (Emphasis supplied)

Under the afore-quoted provision, there are two (2) essential requisites that must be complied with before a CDO can be validly issued:

1) There must be a conduct of a proper investigation or verification; and

2) There must be a finding that the act or practice, unless likely to cause grave or irreparable injury or prejudice to the restrained, will operate as a fraud on investors or is otherwise investing public.19

First, the records disclose that the EIPD conducted a formal investigation unauthorized investment-taking activities of the Subject Entities and their Agents; and the numerous complaints. and presented sufficient evidence in support of its Motion i.e. investigating officers; screenshots of Facebook postings showing the Certifications from the CRMD, CGFD, and MSRD,20 Affidavit of the EIPD21 In the instant case, the foregoing requisites were complied with.

to the investing public, if not restrained, considering that they have no investment-taking activities of the Subject Entities and their Agents warrant the issuance of a CDO because the same will operate as a fraud license to sell, offer or deal in securities. on investors, or is likely to cause grave or irreparable injury or prejudice Second, the evidence presented which showed the unauthorized

Court emphasized the need for a prompt issuance of a CDO after a finding Commission vs. CJH Development Corp.22 (SEC vs. CJH), where the Supreme The foregoing finds support in the case of Securities and Exchange

19 Securities and Exchange Commission vs. Performance Foreign Exchange Corporation, G.R.No. 154131, 21 Ibid. Annex "A" 22 18 G.R. No. 210316, November 28, 2016 20 Motion. Annexes "B" to "D" July 20, 2006. PAGE THE DOCUMENTS CERTIFIED TRUE COPY QR C SEC --OGC D RECORD PAGEE

BY*

In the Matter of Eton Phil Trading Non-Specialized Wholesale Trading/ Eton Trading: Profit Sharing formerly known as FIN Trad Eton Trading/ Eton Phil Trading/ SEC CDO Case No. 06-23-103 Cease and Desist Order Page 10 of 12

by this Commission of a violation of the SRC that will likely defraud or cause grave or irreparable injury to the investing public, thus:

may be issued by the SEC motu proprio, it being unnecessary that it results from a verified complaint from an aggrieved party. A prior "The law is clear on the point that a cease and desist order

hearing is also not required whenever the Commission finds it appropriate to issue a cease and desist order that aims to curtail

reason for this provision, as any delay in the restraint of acts that yield such results can only generate further injury to the public fraud or grave or irreparable injury to investors. There is good that the SEC is obliged to protect."

investing public by making it appear that respondents have authority to deal on such securities. Section 8.1 of the SRC clearly necessarily operate as a fraud on investors as it deceives the "The act of selling unregistered securities would

states that securities shall not be sold or offered for sale or distribution

and approved by the SEC and that prior to such sale, information on the securities, in such form and with such substance as the SEC may prescribe, shall be made available to each prospective buyer." within the Philippines without a registration statement duly filed with

duly filed with and approved by this Commission, and the corresponding salesmen agents, representatives, promoters, and all persons, conduit hereby directed to IMMEDIATELY CEASE AND DESIST UNDER PAIN OF selling of the Securities Regulation Code and/or offering for sale securities in the form on investment contracts and/or other activities/transactions, until the requisite registration statements are license and/or permit to offer/sell securities are issued. SPECIALIZED WHOLESALE TRADING/ETON TRADING/ETON PHIL TRADING/ETON TRADING: PROFIT SHARING and also formerly known as FIN TRADING., its partners, operators, directors, officers, entities and subsidiaries claiming and acting for and, on its behalf, are CONTEMPT from further engaging in, promoting and facilitating the WHEREFORE, premises considered, E-TON PHIL TRADING NON-

salesmen, agents, investment team planners, mentors, enablers, influencers, assigns, conduit entities, subsidiaries, and any and all PROFIT SHARING and also formerly known as FIN TRADING,its officers, persons claiming and/or acting for and in their behalf are likewise TRADING/ETON TRADING/ETON PHIL TRADING/ETON TRADING: directed to immediately CEASE their internet presence relating to the transactions and investment scheme covered by this Cease and Desist Order. The Commission will institute the appropriate administrative and criminal action against any persons or entities found to act as solicitors, E-TON operators, administrators, PHIL TRADING NON-SPECIALIZEDWHOLESALE promoters, representatives, PAGE THE DOCUMENTS ON RECORD CERTIFIED TRUE COFV Of D PAGES

Y

In the Matter of Eton Phil Trading Non-Specialized Wholesale Trading/ Eton Trading: Profit Sharing formerly known as FIN Trading Eton Trading/ Eton Phil Trading/ SEC CD0 Case No. 06-23-103 Cease and Desist Orde Page 11 of 12

information providers, salesmen, agents, brokers, dealers, or the like for and in their behalf.

Finally, the Commission hereby PROHIBITS E-TON PHIL

TRADING/ETON PHIL TRADING/ETON TRADING: PROFIT SHARING TRADING NON-SPECIALIZED WHOLESALE TRADING/ETON

directors, officers, salesmen agents, representatives, promoters, and all persons, conduit entities and subsidiaries claiming and acting for and on and also formerly known as FIN TRADING, its partners, operators,

this CDo in its depository banks, and from transferring, disposing, or herein may have any interest, claim or participation whatsoever, directly its behalf from transacting any business involving the funds covered by conveying in any manner, all assets, properties, real or personal, including but not limited to bank deposits, of which the named persons or indirectly, under its/their custody, to forestall grave damage and prejudice to all concerned and to ensure the preservation of the assets for the benefit of the investors.

The EIPD of the Commission is hereby DIRECTED to:

1) Serve this Cease and Desist Order to E-TON PHIL TRADING TRADING/ETON PHIL TRADING/ETON TRADING: PROFIT their owners; or if impracticable;23 NON-SPECIALIZED SHARING and aIso formerly known as FIN TRADING and WHOLESALE TRADING/ETON

2) Cause the posting of this Cease and Desist Order in the Commission's website.

report, by way of pleading, to the Commission En Banc within ten (10) days from receipt of this Cease and Desist Order. The EIPD is FURTHER DIRECTED to submit a formal compliance

and Monitoring Department, Market and Securities Regulation Commission, the Bangko Sentral ng Pilipinas, the Department of Trade Information and Communications Technology for their information and Department, Corporate Governance and Finance Department and the Information and Communications Technology Department of this and Industry, the National Privacy Commission, and the Department of appropriate action. Let a copy of this Order be furnished to the Company Registration

Section 4-3 of the 2016 Rules of Procedure of the Commission, the parties In accordance with the provisions of Section 64.3 of the SRC and

President Rodrigo Duterte under Presidential Proclamation No. 922. S.2020 dated 8 March 2020COY OF 23 Due to Deciaration of State of Public Health Emergency throughout the Philippines Edeclar@ by PAGE THE DOCUMENTS ON RECORD to FAGES

In the Matter of Eton Phil Trading Non-Specialized Wholesale Trading/ Eton Trading: Profit Sharing formerly known as FIN Trading Eton Trading/ Eton Phil Trading/ SEC CDO Case No. 06-23-103 Cease and Desist Order Page 12 of 12

subject of this CDO may file a verified Motion to Lift the CDO within five (5) days from receipt thereof. The Motion to Lift the CDO must be filed to the Commission En Banc through the Office of the General Counsel.

FAIL NOT UNDER PENALTY OF LAW

SO ORDERED.

Makati City, Philippines.

M

EMILIO B/AQUINO Chairperson

JAVEY PAUL D. FRANCISCO KELVIN LESTER K. LEE Commissioner

KARLO S. BELLO Commissioner MCJILL BRYANT T. FERNANDEZ Commissioner

SEC --OGC

PAGE THE DOCUMENTS ON RECORP CERTIFIED TRUE COPY OF t PAGE

BY