Silverlion Livestock Trading Corp. / Silverlion Livestock Trading

Securities and Exchange Commission COMMISSION EN BANC Republic of the Philippines Department of Finance

IN THE MATTER OF:

TRADING CORP. / SILVERLION LIVESTOCK TRADING SILVERLION LIVESTOCK

SEC CD0 Case No. 11-22-097 Promulgated: 17 November 2022

PROTECTION DEPARTMENT ENFORCEMENT AND INVESTOR (EIPD) Movant. X Y

CEASE AND DESIST ORDER

subsidiaries claiming and acting for and in its behalf, from selling, and Exchange Commission (the "Commission"); and (b) prohibiting salesmen, agents and any and all persons, conduit entities and encumbering, conveying, or disposing any of its properties and/or assets without the prior written authority from the Commission. it does not have the license to solicit, accept or take investments, and the securities that it is selling/offering are not registered with the Securities directing SILVERLION LIVESTOCK TRADING CORP./ SILVERLION LIVESTOCK TRADING, its directors, officers, operators, representatives, CAGOD LADOING (incorporator and director) and all persons, conduit the sale and/or offer of securities in the form of investment contracts, as SILVERLION LIVESTOCK TRADING CORP. / SILVERLION LIVESTOCK TRADING, together with RYAN CAGOD LADOING (Incorporator, entities and subsidiaries claiming and acting for and in its behalf, directing it to immediately CEASE AND DESIST from further engaging in Department (EIPD) praying that an order be issued (a) directing Director, Treasurer and DTI registered owner and agent), RENAN (the "Motion") filed by the Enforcement and Investor Protection This resolves the Motion for Issuance of a Cease and Desist Order

1 Filed on 7 February 2022. PAGE THE DOCUMENTS ON RECORD CERTIFIED TRUE COPY OF SEC.-. OGC V PAGRS

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THE PARTIES

tasked, among others, to investigate, institute, and prosecute administrative actions against persons and entities engaged in the sale and/or offer of unregistered securities without the requisite license issued by the Commission.2 The EIPD is one of the Commission's operating departments

organized and existing under Philippines laws, having been issued a 2 Green Valley National Highway Greenvalley Manicahan, Zamboanga City, Zamboanga Del Sur, Region IX (Zamboanga Peninsula), 7000. Certificate of Incorporation bearing Company Reg. No. 2022090070184-02 on 29 September 2022. Its principal address is at the Ground Floor Door 1, SILVERLION LIVESTOCK TRADING CORP. is a corporation duly

is not registered with the Commission. SILVERLION LIVESTOCK TRADING on the other hand is an entity that

LIVESTOCK TRADING CORP. are RYAN CAGOD LADOING and RENAN LARA LADOING. The incorporators, stockholders and first directors of SILVERLION

RELEVANT FACTS

from NBI-WEMRO a Letter of even date requesting a Certification on the registration of SILVERLION LIVESTOCK TRADING CORP.3 On 11 October 2022, the Zamboanga Extension Office received

the company, and the investor's name is reflected in the Official Receipt WEMRO, it appears that SILVERLION LIVESTOCK TRADING CORP. is and Certificate of Registration. ranging from as low as PHP 5,000 to as high as PHP 100,000, with earnings as much as 2.3% daily, accumulating to 35% earnings in just 15 days. Further, SILVERLION LIVESTOCK TRADING CORP. offers a special promo where an investor locks in PHP 400,000 for 60 days, the investor shall receive a Ford Raptor or any car of his/her choice, fully paid for by selling/offering securities to the public with an investment amount In the leaflet which was attached to the Letter sent by the NBI-

proprio on SILVERLION LIVESTOCK TRADING CORP. / SILVERLION Extension Office of the Commission conducted an investigation motu On the basis of the foregoing information, the Zamboanga

3 See Annexes "C" and "C-1" of the Motion 2 Section 2-2(c)(1-c), Rule II, Part I of the 2016 SEC Rules. SEC -OGC

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and in Guiwan-Tetuan Road, Zamboanga City, and issued an Investigation LIVESTOCK TRADING and its operations conducted at its main office in Barangay Manicahan, and its two (2) branch offices in Barangay Tumaga Report.4

materials and video presentations the amount of investment required, it was able to verify and confirm that these entities are indeed operating TRADING and its member-investors uploaded/posted and used to market its investment packages. To entice the public to invest and CORP. / SILVERLION LIVESTOCK TRADING included in the promotional the guaranteed returns, and other bonuses.5 CORP. / SILVERLION LIVESTOCK TRADING to determine if it is violating regulations after the matter was endorsed to it by the Zamboanga Extension Office. As part of its investigation, the EIPD looked into and LIVESTOCK TRADING CORP. / SILVERLION LIVESTOCK TRADING where and conducting unauthorized investment-taking activities online. In this regard, the EIPD was able to gather and submit in evidence the promotional materials, testimonials, and video presentations which SILVERLION LIVESTOCK TRADING CORP. / SILVERLION LIVESTOCK purchase its investment packages, SILVERLION LIVESTOCK TRADING investigation on the operations of SILVERLION LIVESTOCK TRADING the Securities Regulation Code ("SRC") and its implementing rules and examined the website and social media platforms used by SILVERLION The EIPD thereafter commenced the conduct of a formal

receivable in fifteen (15) days: selling/distributing processed meats, beauty products, and other on this premise that SILVERLION LIVESTOCK TRADING CORP. / SILVERLION LIVESTOCK TRADING offers/sell the following investment packages to the public with the corresponding guaranteed returns TRADING represents to the public that it is engaged in the business of products in demand in the market and the profits generated from its operations are used to pay the return of investment of its investors. It is SILVERLION LIVESTOCK TRADING CORP. / SILVERLION LIVESTOCK The evidence gathered by the investigating team reveals that

0PhP10,000.00 investment earns PhP PhP 13,000.00 o PhP100,000.00 investment earns PhP130,000.00 0 PhP1,000.00 investment earns PhP 1,300.00

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guaranteed earnings of 35% in just fifteen (15) days, or 2.3% daily. TRADING CORP. is selling/offering securities to the public with LIVESTOCK TRADING CORP. offers a special package to investors who park their investment of PHP400,000.00 within a period of sixty (60) days, with a Ford Raptor or any car of his/her choice fully paid by the Further, the evidence presented by the EIPD also shows SILVERLION From the foregoing, it appears that SILVERLION LIVESTOCK

corporation.

LIVESTOCK TRADING CORP. to offer/sell securities to the public, if any. TRADING CORP. is a registered corporation, it has not been issued any from the Commission's Company Registration and Monitoring for information or verification on the authority of SILVERLION In response to the said request, the CRMD, CGFD, and MSRD issued Certifications7 which confirmed that while SILVERLION LIVESTOCK secondary license to operate as a broker/dealer of securities, and is not a registered issuer of any securities pursuant to Sections 8 and 12 of the Department (CRMD), the Corporate Governance and Finance Department SRC. CORP. is engaged in investment-taking activities, the EIPD requested (CGFD) and the Markets and Securities Regulation Department (MSRD) Relative to the allegation that SILVERLION LIVESTOCK TRADING

ISSUE

SILVERLION LIVESTOCK TRADING CORP. is Warranted based on the findings and evidence presented by the EIPD. Whether the issuance of a cease and desist order against

RULING

The Commission finds the Motion meritorious.

Incorporation, specifically provides that it has no authority to solicit or accept investments from the public to wit: SILVERLION LIVESTOCK TRADING CORP. as stated in its Articles of At the outset, the Commission notes that the primary purpose of

"Wholesale and retail of frozen product, meats, dried fish;

investment contracts." (Emphasis supplied) Provided that the corporation shall not solicit, accept or take investments/placements from the public neither shall it issue

7 Annex "G", Annex "H" and Annex "I" of the Motion. THE DOCUMENTS ON RECORD CERTIFIED TRUE COPY OP SEC --- OGC

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establish that SILVERLION LIVESTOCK TRADING CORP. is selling and/or substantial evidence, the Commission holds that the EIPD was able to offering unregistered securities in the form of investment contracts to the public without the requisite license from the Commission, in violation not only of its AoI but also of the relevant provisions of the SRC and its IRR. After carefully considering the Motion which was supported by

follows: Relative thereto, Section 3 of the SRC defines "securities" as

"SEC. 3. Definition of Terms.

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

X X X

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

follows: Moreover, an "investment contract" is defined in the SRC-IRR as

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

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

registered with the Commission in the form of an approved Registration be sold or offered for sale within the Philippines if the same are not Section 8.1 of the SRC categorically provides that securities cannot

: Rule 26.3.5 of the Implementing Rules and Regulations of the SRC. PAGE THE OO CERTIFIED TRUE COPY OF X MCUMENTS ON RECORD SEC --OGC m PAGES

SILVERLION LIVESTOCK TRADING CORP. SILVERLION LJIVESTOCK TRADING SEC CDO Case No.11-22-097 Cease and Desist Orde IN THE MATTER OF Page 6 of 12 Statement and a Permit to Offer/Sell issued in favor of the applicant, to Wit:

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

Commission,9 the Supreme Court ruled that investment contracts are protection of the investing public, to wit: securities that are required to be registered with the Commission for the In the case of Power Homes Unlimited v. Securities and Exchange

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

a profit through the efforts of the promoter or of someone other than common enterprise, (3) with the expectation of profits, (4) to be derived money in a common enterprise with the expectation that they would earn themselves.11 scheme whereby a person (1) makes an investment of money, (2) in a solely from the efforts of others. Investment contracts have been used and adopted in various situations where individuals were led to invest American origin. It traces its roots from the Us Supreme Court case Securities and Exchange Commission v. W.J. Howey Co.10 where the Court stated that an investment contract is a transaction, contract, or The concept of an investment contract in the Philippines is of

used in Power Homes Unlimited Corporation v. Securities and Exchange The concept of an investment contract was thereafter adopted and

11 Tbid. Although the definition as stated in the Howey Case qualified that the earning of profit was 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.ic 9 Note 24, Supra. 10 328 U.S. 293, 66 S. Ct. 1100, 90 L. Ed. 1244, 163 A.L.R. 1043 (1946). expected to be solely through the efforts of another party, Rule 26.3 ofthe 2015 IRR of the SRC replaced

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purpose of deriving profits from them, he or she is in fact investing in a security.13 Commission, must be proved to be (1) an investment of money; (2) in a common enterprise; (3) with the expectation of profits, (4) primarily from contract in our jurisdiction, to be a security subject to regulation by the control over his or her funds and submits their control to another for the Commission,12 where the Supreme Court ruled that an investment efforts of others. Under this definition, whenever an investor relinquishes

and so holds, that SILVERLION LIVESTOCK TRADING CORP. is unlawfully investment contract because it has no license to carry out the same. engaged in the sale and/or offer of unregistered securities in the form of Applying the foregoing to the instant case, this Commission finds.

received by the EIPD which showed that member investors investment of money was substantiated by the complaints were claiming the guaranteed returns for the investments that they paid for. First, SILVERLION LIVESTOCK TRADING CORP. required its investors to invest the required amounts of PhP1,000.00 PhP10,000.00, and PhP1000,000.00. In this case, the actual

guaranteed returns of its existing investors. This is the CORP. from the public, although the same is masked by a product distribution business which, in reality, does not exist. common enterprise that is being sustained by the investments received by SILVERLION LIVESTOCK TRADING Second, The EIPD was able to show that the investment scheme of SILVERLION LIVESTOCK TRADING CORP.involves investors which are actually utilized to satisfy and pay the the pooling of the resources consisting of the moneys of its

equivalent to 35% within a period of fifteen (15) days. expect to receive a guaranteed monthly return in an amount Third, SILVERLION LIVESTOCK TRADING CORP's investors

investors need not do anything except entrust their money to the former, whose directors, officers, agents, and promoters operate the business and give them their guaranteed return. Finally, SILVERLION LIVESTOCK TRADING CORP.'S

12 G.R. No. 164182, 26 February 2008. 13 Investment Co. Institute v. Camp, 274 F. Supp. 624 (D. D.C. 1967). PAGT THE DOCUMENTS ON RECORD CERTIFIED TRUE COPY OF SEC .-'OGC 1V FAGRR

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involves the public offering of securities in the form of investment contracts considering that its business operations are being published online through social media platforms. SILVERLION LIVESTOCK TRADING CORP.'s investment scheme Moreover, the evidence presented by the EIPD also shows that

securities within the Philippines without a Registration Statement duly filed with and approved by the Commission, to wit: Section 8.1 of the SRC also specifically proscribes the offering of

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

Regulations of the SRC defines "Public Offering" as follows: Relative thereto, Rule 3.1.17 of the 2015 Implementing Rules and

"3.1.17. Public offering is any offering of securities to the public or to anyone, 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:

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communication;"14 (Emphasis supplied) communication 3.1.17.3 Advertisement or announcement in radio, television, telephone, electronic technology communications, or any other information forms of

form of investment contracts to the investing public through its website requisite license. LIVESTOCK TRADING CORP. is offering unregistered securities in the and social media platforms, i.e., Facebook and YouTube, without the In the instant case, the evidence on record shows that SILVERLION

from the Commission, its act of offering securities to the public thus the Commission before the same can be lawfully undertaken. Considering that SILVERLION LIVESTOCK TRADING CORP. has not secured a license Rule 3.1.17 and thus, requires a registration statement duly approved by The foregoing constitutes a public offering as defined under SRC

14 Rule 3.1.17 of the Implementing Rules and Regulations of the SRC. THE DO CERTTFIED TRUE COPY OF EUMENTS ON RECORD SEC ..OGC

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constitutes a clear violation of Section 8 of the SRC in relation to Rule 3.1.17 of the SRC IRR.

the SRC provides, thus: Relative to a valid issuance of a CDO, Section 64 of

proper investigation or verification, motu proprio or upon verified investors or is otherwise likely to cause grave or irreparable injury or prejudice to the investing public." (Emphasis supplied) "Section 64. Cease and Desist Order. --- 64.1. The Commission, after complaint by any aggrieved party, may issue a cease and desist order without the necessity of a prior hearing if in its judgment the act or practice, unless restrained, will operate as a fraud on

requisites that must be complied with for a cease and desist order can be validly issued: Under the afore-quoted provision, there are two (2) essential

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.15

gathered and submitted in support of its Motion showing the unauthorized investment-taking activities of SILVERLION LIVESTOCK TRADING CORP. conducted a proper investigation as evidenced by the various documents Anent the first requisite, the records disclose that the EIPD

to the public that it is investment plans are registered with the directors, officers, agents, representatives, and promoters made it appear Commission and that it is authorized to sell, offer and deal with securities. SILVERLION LIVESTOCK TRADING CORP. employed fraud when its The second requisite is likewise present considering that

held that fraud is a generic term that covers any act calculated to deceive, thus: In People of the Philippines vs. Mateo, et al.16, the Supreme Court

16 G.R. No. 210612, October 9, 2017. 154131, July 20, 2006 15 Securities and Exchange Commission vs. Performance Foreign Exchange Corporation, G.R. No. SEC-.OGE

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which should have been disclosed which deceives or is intended to (Emphasis supplied) advantage over another by false suggestions or by suppression of truth and includes all surprise, trick, cunning, dissembling and any unfair way by which another is cheated. On the other hand, deceit is the false representation of a matter of fact, whether by words or conduct, by false or misleading allegations, or by concealment of that deceive another so that he shall act upon it to his legal injury." unconscientious advantage is taken of another. It is a generic term embracing all multifarious means which human ingenuity can devise, and which are resorted to by one individual to secure an involving a breach of legal or equitable duty, trust, or confidence justly reposed, resulting in damage to another, or by which an undue and "Fraud, in its general sense, is deemed to comprise anything calculated to deceive, including all acts, omissions, and concealment SILVERLION LIVESTOCK TRADING CORP./ SILVERLION LIIVESTOCK TRADING SEC CDO Case No.11-22-097 Cease and Desist Order IN THE MATTER OF: Page 10 of 12

a prompt issuance of a CDO after a finding of a violation of the SRC that will likely defraud or cause grave or irreparable injury to the investing operates as a fraud to the public which, if unrestrained, will likely cause Development Corp.18 where the Supreme Court emphasized the need for LIVESTOCK TRADING CORP. in selling/offering unregistered securities grave or irreparable injury or prejudice to the investing public.17 This finds support in the case of Securities and Exchange Commission vs. CJH public, thus: Moreover, this Commission holds that the act of SILVERLION

is obliged to protect. from a verified complaint from an aggrieved party. A prior hearing is to issue a cease and desist order that aims to curtail fraud or grave or irreparable injury to investors. There is good reason for this provision, as any delay in the restraint of acts that yield such results can only generate further injury to the public that the SEc also not required whenever the Commission finds it appropriate "The law is clear on the point that a cease and desist order may be issued by the SEC motu proprio, it being unnecessary that it results

The act of selling unregistered securities would necessarily (Emphasis supplied) shall not be sold or offered for sale or distribution within the 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." by making it appear that respondents have authority to deal on such securities. Section 8.1 of the SRC clearly states that securities Philippines without a registration statement duly filed with and operate as a fraud on investors as it deceives the investing public

17 Section 64 of the Securities Regulation Code. 18 (G.R. No. 210316, November 28, 2016) SEC -- OGC

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RYAN CAGOD LADOING (Incorporator, Director, Treasurer, and DTI registered owner and agent), RENAN CAGOD LADOING (incorporator solicitation, offer and/or sale of securities in the form of investment contracts or any others of the same nature, as discussed in this Cease and Desist Order until the requisite registration statement is duly filed with and approved by the Commission. and director) and all persons, conduit entities and subsidiaries claiming and acting for and in its behalf, are hereby ordered to IMMEDIATELY CEASE AND DESIST from engaging in the unlawful/unauthorized TRADING CORP./ SILVERLION LIVESTOCK TRADING,together with WHEREFORE, premises considered, SILVERLION LIVESTOCK

to the transactions and investment scheme covered by this Cease and and agent), RENAN CAGOD LADOING (incorporator and director) and all its behalf, are likewise directed to CEASE their internet presence relating administrative and criminal action against any persons or entities found to act as solicitors, information providers, salesmen, agents, brokers, dealers, or the like for and on their behalf SILVERLION LIVESTOCK TRADING, together with RYAN CAGOD persons, conduit entities and subsidiaries claiming and acting for and, in Desist Order. The Commission will institute the appropriate LADOING (Incorporator, Director, Treasurer, and DTI registered owner Further, SILVERLION LIVESTOCK TRADING CORP.

any business involving funds in its depository banks, and from properties, real or personal, including bank deposits, if any, of which the named persons herein may have interest, claim or participation, whether the assets of the investors LADOING (incorporator and director) and all persons, conduit entities and subsidiaries claiming and acting for and in its behalf from transacting transferring, disposing, or conveying in any manner, any and all assets, directly or indirectly, under their custody, to ensure the preservation of LIVESTOCK TRADING CORP. / SILVERLION LIVESTOCK TRADING, together with RYAN CAGOD LADOING (Incorporator, Director, Treasurer, and DTI registered owner and agent), RENAN CAGOD Finally, the Commission hereby PROHIBITS SILVERLION

and (b) cause the posting of this Order in the Commission's website. CAGOD LADOING (Incorporator, Director, Treasurer, and DTI registered owner and agent), RENAN CAGOD LADOING (incorporator and director) copY of this Order to SILVERLION LIVESTOCK TRADING CORP,RYAN The EIPD of the Commission is hereby DIRECTED to (a) serve a

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

receipt of this Order. Part II, Rule IV, Section 4-3 of the 2016 Rules of Procedure of the SEC, the Respondent may file a verified Motion to Lift the CDO to the Commission En Banc thru the Office of the General Counsel, within five (5) days from In accordance with the provisions of Section 64.3 of the SRG and

FAIL NOT UNDER PENALTY OF LAW.

SO ORDERED.

Makati City, Philippines.

EMILIO B. AQUINO* Chairperson

JAVEY PAUL D. FRANCISCO Commissioner KELVIN LESTER K. LEE* Commissioner

KARLO S, BELLO Commissioner MCJILL BRYANT T. FERNANDEZ Commissioner

*On Offi cial Business

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