PACIFIC UNION LLC, PU PRIME PHILIPPINES and/or PU PRIME SUPPORT PH, MARTIN DAVID ADORABLE, JERICO MATELA, JANELLE CRYSTAL GAYLE M. ALIPIO, JANNA DELOESTE, TIFFANY DELOESTE, and APRIL ANN CASTILLO a.k.a. APRIL CASTILLO

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

In the Matter of:

PACIFIC UNION LLC, PHILIPPINES and/or, PU PU PRIME PRIME

JANELLE CRYSTAL GAYLE M. ALIPIO, ADORABLE, JANNA DELOESTE, CASTILLO a.K.a APRIL CASTILLO, SUPPORT DELOESTE, PH. and JERICO MARTIN APRHL MATELA, TIFFANY DAVID ANN

PROTECTION DEPARTMENT (EIPD) ENFORCEMENT AND INVESTOR Movant. Promulgated: 19 June 2025 SEC CD0 Case No. 05-25-119

X X

01 July 2025 TO:

Pasig City SUPPORT PH ("PU PRIME") Plaza Tower 2, 1634 26th St., Taguig City/ 17th Floor, High Street South Corporate Plaza Tower 2, 1634 26th St., Taguig City/ 12th Floor Tektite Tower, Ortigas PACIFIC UNION LLC, PU PHILIPPINES, 17th Floor, High Street South Corporate 12th Floor Tektite Tower, Ortigas Pasig City JERICO MATELA and/or PU PRIME PRIME MARTIN DAVID ADORABLE 17th Floor, High Street South Corporate Pasig City 12th Floor Tektite Tower, Ortigas 17th Floor, High Street South Corporate Plaza Tower 2, 1634 26th St., Taguig City/ Pasig City 12th Floor Tektite Tower, Ortigas Plaza Tower 2, 1634 26th St., Taguig City/ JANNELLE CRYSTAL GAYLE M. ALIPIO

17th Floor, High Street South Corporate Pasig City Plaza Tower 2, 1634 26th St., Taguig City/ Pasig City JANNA DELOESTE 17th Floor, High Street South Corporate Plaza Tower 2, 1634 26th St., Taguig City/ 12th Floor Tektite Tower, Ortigas APRIL ANN CASTILLO/ APRIL CASTILLO 12th Floor Tektite Tower, Ortigas Plaza Tower 2, 1634 26th St., Taguig City/ 17th Floor, High Street South Corporate Pasig City Securities and Exchange Commission 9th Floor, SEC Headquarters, 7907 Makati Ave., Salcedo Village, TIFFANY DELOESTE 12th Floor Tektite Tower, Ortigas ENFORCEMENT AND INVESTOR PROTECTION DEPARTMENT Bel-Air, Makati City, 1209

Transmittal Letter (Cease and Desist Order) In the matter of: Pacific Union LLC, et al. SEC CD0 Case No. 05-25-119 Page 2 of 2

A. Mabini St., cor. P. Ocampo St., 8th Floor, SEC Headquarters, Securities and Exchange Commission 5th Floor, SEC Headquarters, FINANCE DEPARTMENT Securities and Exchange Commission 7907 Makati Ave., Salcedo Village, Bel-Air, Makati City, 1209 Office of the General Counsel and Legal 7907 Makati Ave., Salcedo Village, Bel-Air, Makati City, 1209 CORPORATE GOVERNANCE AND BANGKO SENTRAL NG PILIPINAS Services Malate, Manila COMPANY REGISTRATION AND MONITORING DEPARTMENT INDUSTRY Securities and Exchange Commission 7907 Makati Ave., Salcedo Village, 361 Sen. Gil Puyat Avenue, Makati City MARKETS AND SECURITIES Securities and Exchange Commission INFORMATION AND 3rd Floor, SEC Headquarters, Bel-Air, Makati City, 1209 DEPARTMENT OF TRADE AND Legal Department Trade and Industry Building. REGULATION DEPARTMENT 17th Floor, SEC Headquarters, 7907 Makati Ave., Salcedo Village, Bel-Air, Makati City, 1209 COMMUNICATIONS TECHNOLOGY DEPARTMENT

The Upper Class Tower, Quezon Ave. NATIONAL PRIVACY COMMISSION 25th -- 27th Floors, Corner Scout Reyes Street, Quezon City Legal Division DEPARTMENT OF INFORMATION AND C.P. Garcia Avenue, Diliman, COMMUNICATIONS TECHNOLOGY Legal Department Quezon City

GREETINGS:

now on file with this office. ORDER was issued in the above-entitled case, the original of which is Please take notice that on 19 June 2025, a CEASE AND DESIST

Makati City, Philippines.

By Authority of the Commission:

ARMAMDO A. PAN, JR. Cohrhission Setretary

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

In the Matter of:

CASTILLO a.K.a APRIL CASTILLO, JANELLE CRYSTAL GAYLE M. ALIPIO, DELOESTE, PACIFIC UNION PHILIPPINES JANNA SUPPORT ADORABLE, DELOESTE, PH, and/or, and JERICO LLC, MARTIN APRIL PU PU MATELA, TIFFANY PRIME DAVID PRIME ANN

PROTECTION DEPARTMENT (EIPD), ENFORCEMENT AND INVESTOR Movant. Promulgated: 19 June 2025 SEC CD0 Case No. 05-25-119

X

CEASE AND DESIST ORDER

requisite license(s)/authority from the Commission. DELOESTE, and APRIL ANN CASTILLO a.k.a APRIL CASTILLO, their directors, officers, representatives, salesmen, agents, operators, enablers, influencers and any and all persons, conduit entities and subsidiaries the "Agents"), to immediately cease and desist from offering and/or selling unregistered securities in the form of Contract for Difference online activities/transactions relating to the CFDs for want of the and Investor Protection Department (EIPD) on 22 May 2025, praying that PRIME PHILIPPINES and/or, PU PRIME SUPPORT PH ("PU Prime"), MARTIN DAVID ADORABLE, JERICO MATELA ("Mr. Matela"), JANELLE CRYSTAL GAYLE M. ALIPIO ("Ms. Alipio"), JANNA DELOESTE, TIFFANY claiming and/or acting for and in their behalf (collectively referred to as ("CFDs") to the public, and to immediately cease from carrying out any a Cease and Desist Order be issued directing PACIFIC UNION LLC, PU Desist Order dated 19 May 2025 (the "Motion") filed by the Enforcement Before this Commission is the Motion for the Issuance of a Cease and

In the matter of: Pacific Union LLC, et al SEC CD0 Case No. 05-25-119 Cease and Desist Order Page 2 of 10

may have any interest, claim or participation, directly or indirectly, transaction/business using or involving the funds in their respective other manner, any and all assets, properties, real or personal, including bank deposits, if any, which the Subject Entities/Persons and the Agents without the prior written authority from the Commission.1 Entities/Persons depository banks, and from transferring, disposing, or conveying in any The EIPD also prays that the Commission prohibits the Subject andthe Agents from transacting any

THE RELEVANT FACTS

filed with the EIPD by Ariel Rodriguez, Ligaya Rodriguez, and Israel Rodriguez (the "Complainants"), who all alleged that PU PRIME is doing business in the Philippines without a license, specifically trading in commodity futures contracts, and offering unregistered securities to the Filipino public, to the detriment of the latter.3 The filing of the Motion was prompted by an Affidavit-Complaint?

that the loss of their investment was a consequence of news reports invest in PU PRIME and promised them a guaranteed monthly return of Two Hundred Fifty Thousand Pesos (PHP1,250,000.00) - an investment affecting certain foreign currencies, and the generally bearish state of the market.4 webinar hosted by Mr. Matela who allegedly discussed and convinced them that investing with PU PRIME is legal and safe as it employs a Forex robot that monitors market fluctuations and stops losses, as necessary. Complainants to invest with PU-PRIE an aggregate amount of One Million which resulted in a total loss. Ms. Alipio explained to the Complainants After the webinar, Complainants were allegedly invited by Ms. Alipio to 10% of the money invested. The promise of guaranteed returns led the Complainants alleged that in September 2021, they attended a

conducting business, and for the return of their investment in full.5 demanding that the latter, and its Agents, cease and desist from Complainants subsequently sent a couple of letters to PU PRIME

4 Id. Annex "A". See pars. 5 to 8 5 Id. Annex "A". See. Pars. 9 and 10 1 Motion for Issuance of Cease and Desist Order dated 19 February 2025. 2 Motion. See Annex "A" (Affidavit-Complaint dated 19 January 2024) 3 id.

In the matter of: Pacific Union LLC, et al. SEC CD0 Case No. 05-25-119 Cease and Desist Order Page 3 of 10

having allegedly traded for a long period of time, and opened well over Team, denied any liability on the part of PU PRIME for the alleged losses that the Complainants suffered. In the said email, PU PRIME pointed out that the Complainants are well-aware of the risks involved in trading, 16,500 trades in the financial market.6 In an email sent on 14 June 2023, PU PRIME through its Compliance

Affidavit-Complaint with the EIPD, alleging violation of the relevant provisions of the Securities Regulation Code (SRC) by PU-PRIME and its Agents. PU PRIME's response prompted the Complainants to file an

investigation on PU-PRIME's operations, transactions and activities, where it found that PU PRIME is representing itself as a global online brokerage firm specializing in Forex (FX) and Contract for Difference (CFD) trading, Shares, Bonds, Exchange-Traded Funds (ETFs), and cryptocurrency.7 PU PRIME and its Agents actively invites the public to investing through various internet-based foreign-registered electronic investment platforms which are accessible in the Philippines.8 participate in its free learning seminars on successful strategies in Acting on the Affidavit-Complaint, the EIPD conducted an

attract new investors, PU-PRIME offers and grants a 100% deposit bonus on first deposits, a strategy commonly used to entice prospective investors to participate in high-risk trading schemes.10 unregistered and leveraged trading services, which are securities in the without actually owning them by accessing its website.9 In order to Agents actively solicit investments from the public, by offering and selling form of futures, CFDs on commodities, shares, bonds and other debt securities, options and warrants, foreign exchange, and margin contracts. They allow investors to speculate on the price movements of assets The EIPD found that through these seminars, PU PRIME and its

6 Id. Annex "A" (See attachment thereto labelled as Annex "G") 8 id. Pars. 13 and 17 (see https://www.puprime.com/ and (see https://www.facebook.com/puprimeph/) 9 id. Par. 18 (www.puprime.com.) 7 id. Par. 12 10 (d. Par. 19.

In the matter of: Pacific Union LLC, et al. SEC CDO Case No. 05-25-119 Cease and Desist Order Page 4 of 10

copy of which was attached to the Motion,12 affirms that PU PRIME is offering/selling securities to the investing public. Section 4 of the Client Service Agreement (the "Agreement")11, a

registered with the Commission as it is operating in a "gray area" of trading.14 They also explained that since PU PRIME does not maintain allegedly withdraw through their linked personal accounts. surveillance team that while it is allegedly registered with the Australian any bank accounts in the Philippines, the investments of its investors are only reflected in their respective PU PRIME accounts, which the latter can the surveillance team the trading operations and scheme of PU PRIME, its services as a global online brokerage firm specializing in Forex, CFD and cryptocurrency trading; essentially affirming the pieces of information which the EIPD earlier gathered.13 The staff of PU-PRIME informed the Securities and Investments Commission (ASIC), PU PRIME is not the operation of PU PRIME at its office in Bonifacio Global City, Taguig City, where Mr. Adorable, Ms. Deloeste, and Ms. Castillo discussed with As part of its investigation, the EIPD conducted a surveillance on

prospective investors to make an investment ranging from a minimum its website,15 and which allows the investing public to open an account Barclays, Citibank, etc.16 The investment scheme of PU PRIME requires trading platforms, namely: PU Prime App, MetaTrader 4, MetaTrader 5 Web Trader, PU Socials, and PU Copy Trading which are all accessible in customers and liquidity providers, which include JPMorgan, UBS, and invest with it. PU PRIME also represents to the public that in the provision of its services, it acts as a broker and/or intermediary between The EIPD also found that PU PRIME manages and operates five (5)

11 -4.1. Subject to the Client fulflling its obligations under this Agreement, PU Prime may enter into transactions with the Client in the following securities;

15 https://www.puprime.com/web-trader/ 16 Id. Par. 25. 12 Id. Par. 27 (Annex "A" - See attachment thereto labelled as Annex "H") 13 Id. Pars. 16, 38, 44 14 Id. Par. 15. 4.1.5. Such other investments as PU Prime may from time to time agree."(Emphasis supplied) 4.1.2. Securities, including shares, bonds, and other debt securities, including 4.1.4. Managed assets whether as OTC or stock exchange traded Securities; and 4.1.1. Futures, and CFDs on commodities, securities, interest rate and debt securities, stock or other indices, currencies and base and precious metals; 4.1.3. Options and warrants to acquire or dispose of any of the Securities above, including options and Contract Options vernment public issues:

In the matter of: Pacific Union LLC, et al. SEC CDO Case No. 05-25-119 Cease and Desist Order Page 5 of 10

amount of US Dollar: Fifty ($50.00) up to the maximum amount of $10,000 by placing the same in a bank specified by PU-PRIME. This amount is what the investors will use in trading foreign currency, and/or investing in CFDs.

to act as Associated Persons, Salesman and/or Certified Investment in the unauthorized sale/offer of unregistered securities, the EIPD House, Transfer Agent, and Fund Manager; nor has PU PRIME filed or has any pending application for a secondary license with the CRMD17 or MSRD.18 The Certifications likewise confirmed Mr. Matela, Ms. Alipio, Mr. Adorable, Ms. T. Deloeste, Ms. J. Deloeste, and Ms. Castillo have no licenses Solicitor of a Broker Dealer in Securities Investment, Investment House, Underwriter of Securities, Investment Company Adviser and/or Mutual Fund Distributor. Securities Regulation Department (MSRD), and the Corporate been issued a secondary license to act as a Broker and/or Dealer of Securities, Investment Adviser of an Investment Company, Investment attached to the Motion the Certifications issued by the Company Registration and Monitoring Department (CRMD), the Markets and Governance and Finance Department (CGFD) of this Commission which all affirmed, based on their records that PU PRIME is not registered with the Commission either as a corporation or as a partnership, and has not To support its allegation that PU PRIME and its Agents are engaged

ISSUE

EIPD in the Motion warrant the issuance of a CDO. Whether or not the allegations and the evidence presented by the

RULING

The Commission finds the Motion meritorious.

"securities" as follows: Section 3.1 of the Securities Regulation Code (SRC) defines

Sec. 3. Definition of Terms. -- 3.1. "Securities" are shares participation

18 Id. Annex "D." 17 Id. Annex "B"

In the matter of: Pacific Union LLC, et al. SEC CDO Case No. 05-25-119 Cease and Desist Order Page 6 of 10

or interest in a corporation or in a commercial enterprise or profit. making venture and evidenced by a certificate, contract, instrument, whether written or electronic in character. It includes:

(a) Shares of stock, bonds, debentures, notes, evidences of indebtedness, asset-backed securities

XXx

(d)Derivatives like options and warrants;"19

others on the promise of profits.21 and variable schemes devised by those who seek to use the money of of covering practically all forms and varieties thereof which are known or considered, or ought to be known or considered, to be such in the than static principle, one that is capable of adaptation to meet the countless commercial/financial world. The Supreme Court emphasized in Gabionza vs, Court of Appeals2o that the term "securities" embodies a flexible rather The SRC has adopted a broad definition of securities with the intent

shall engage in the business of buying or selling securities in the by the Commission", while Section 28 of the SRC provides that "no person Philippines as a broker or dealer, or act as a salesman, or an associated Philippines, without a registration statement duly filed with and approved "securities shall not be sold or offered for sale or distribution within the Relative thereto, Section 8.1 of the SRC is explicit in saying that

19 The Implementing Rules and Regulations (IRR) of the SRC define derivatives as follows: rate, index of prices or rates, credit rating or credit index, or similar variable or underlying factor. It is settled at a future date. This term shall include, but not limited, to the following: "3.1.9. Derivative is a financial instrument whose value changes in response to changes in a specified interest rate, security price, commodity price, foreign exchange

3.1.9.1. Options or contracts that give the buyer the right, but not the obligation, to buy or sell an underlying security at a predetermined price called the exercise or strike price, on or before a predetermined date, called the expiry date; and

20 G.R. No. 161057, September 12, 2008 [Per J. Tinga, Second Division]. 21 In the US case of Reves et al vs. Ernst & Young the US Supreme Court stated that the US Congress presumption is that every note is a security and that presumption may be rebutted only by a showing that the note bears a strong resemblance to the one of the enumerated categories of instrument that does not fall under the securities category. Reves et al. vs. Ernst & Young, 494 U.S. 56, 21 February 1990. be sold as an investment. Because the US Securities Acts define "security" to include "any note", the enacted a definition of "security" sufficiently broad to encompass virtually any instrument that might 3.1.9.2. Warrants or rights to subscribe or purchase new or existing shares in a company on or before a predetermined date.

In the matter of: Pacific Union LLC, et al. SEC CD0 Case No. 05-25-119 Cease and Desist Order Page 7 of 10

person of any broker or dealer unless registered as such with the persons dealing with it, is imperative as transactions covering the same Commission." The registration and regulation of securities, as well as the are imbued with public interest.22

of the appropriate administrative and criminal actions. Meanwhile, to ensure that the investing public is protected from, and not of persons in dealing with the same sans the requisite license constitute a violation of Sections 8 and 28 of the SRC that warrants the imposition SRC provides for, and has granted the Commission the power to issue a prejudiced/damaged by such unauthorized activities, Section 64 of the CDO, thus: Verily, the offer/sale of unregistered securities, as well as the acts

injury or prejudice to the investing public. (Emphasis supplied) proper investigation or verification, motu proprio or upon verified order 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 Section 64. Cease and Desist Order. 64.1. The Commission, after complaint by any aggrieved party, may issue a cease and desist

promptly issue a CDO to immediately stop a continuing violation from being perpetrated for the protection of the investing public, to wit: and Exchange Commission23 that it is the duty of the Commission to The Supreme Court emphasized in Primanila Plans Inc. vs Securities

is also not required whenever the Commission finds it yield such results can only generate further injury to the public issued by the SEC motu proprio, it being unnecessary that it results from a verified complaint from an aggrieved party. A prior hearing appropriate 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 The law is clear on the point that a cease and desist order may be

commercial development cannot simply be brushed aside. The Court in Abacus Securities Corp. v. Ampil stated: "The importance of the stock mark et and the transactions therein to the country's economy and

23 G.R. No. 193791, August 6, 2014 [Per J. Reyes, First Division]. Stock market transactions affect the general public and the national economy. The rise and fall of stock market indices reflect to a considerable degree the state of the economy. Trends in stock prices tend to herald changes in business conditions. Consequently, securities transactions are impressed with public interest, and are thus subject to public regulation." (PSE et. al. vs Secretary of Finance et. al., G.R. No. 213860, July 5, 2022 [Per J. Hernando, En Banc].

In the matter of.: Pacific Union LLC, et al. SEC CDO Case No. 05-25-119 Cease and Desist Order Page 8 of 10

that the SEC is obliged to protect. (Emphasis supplied)

Agreement which clearly shows that PU PRIME is offering/selling securities in the form of shares, bonds and other debt securities, options its Agents have, by their own admission, no license to offer/sell securities, CRMD, they are therefore in clear violation of Sections 8 and 28 of the SRC. Agents are offering/selling unregistered securities without the requisite license from the Commission was substantiated by the documents obtained during its investigation which included, among others, the and warrants, stocks, futures and CFDs. Considering that PU PRIME and and have not secured the registration of these securities with the Commission, as shown also by the Certifications issued by the MSRD and In the instant case, the finding of the EIPD that PU PRIME and its

complied with the minimum regulatory requirements prescribed by law, this Commission is mandated to prevent at the onset. More importantly, fraudulent which equally justifies the prompt issuance of a CDO, to wit: investing public from investing in unregistered securities which have not rules and regulations. This, to our mind, exposes the investing public to the risk of sustaining loss, damage, irreparable injury or prejudice, which the offer/sale of unregistered securities has been considered as CDO against PU PRIME and its Agents is warranted to protect the On account thereof, this Commission finds that the issuance of 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 by making it appear that respondents have authority to deal on such securities. Section 8.1 of the SRC clearly states that securities shall not be sold or offered for sale or distribution within the Philippines without a registration statement duly filed with and prescribe, shall be made available to each prospective buyer.24 (Emphasis supplied) The act of selling unregistered securities would necessarily operate as a fraud on investors as it deceives the investing public

[Per J. Peralta, Third Division]. 24 Se xchange Commission vs. CJH Development Corp., G.R. No. 210316, November 28, 2016

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salesmen, solicitors, agents, uplines, enablers and influencers, and any unregistered securities in the form of shares, bonds and other debt and APRIL ANN CASTILLO a.k.a APRIL CASTILLO, representatives, directed to IMMEDIATELY CEASE AND DESIST from offering/selling securities, options and warrants, stocks, futures and CFDs. UNION LLC, PU PRIME PHILIPPINES and/or, PU PRIME SUPPORT CRYSTAL GAYLE M. ALIPIO, JANNA DELOESTE, TIFFANY DELOESTE, and all persons claiming and acting for and in their behalf, are hereby PH, MARTIN DAVID ADORABLE, WHEREFORE, premisesconsidered, Respondents PACIFIC JERICO MATELA, JANELLE

investors. subsidiaries claiming and acting for and on its behalf from transacting any business involving the funds covered by this CDO in its depository banks, and from transferring, disposing, or conveying in any manner, all assets, properties, real or personal, including but not limited to bank claim or participation whatsoever, directly or indirectly, under its/their custody, to ensure the preservation of the assets for the benefit of the DELOESTE, and APRIL ANN CASTILLO a.k.a APRIL CASTILLO, its partners, operators, directors, officers, representatives, promoters, and all persons, conduit entities and deposits, of which the named persons herein may have any interest, PACIFIC UNION LLC, PU PRIME PHILIPPINES and/or, PU PRIME SUPPORT PH, MARTIN DAVID ADORABLE, JERICO MATELA, JANELLE CRYSTAL GAYLE M. ALIPIO, JANNA DELOESTE, TIFFANY Finally, the Commission hereby PROHIBITS Respondents salesmen agents,

JANNA DELOESTE, TIFFANY DELOESTE, and APRIL ANN CASTILLO a.k.a APRIL CASTILLO and (b) cause the posting of this Order in the copy of this CDO to Respondents PACIFIC UNION LLC, PU PRIME PHILIPPINES and/or, PU PRIME SUPPORT PH, MARTIN DAVID Commission's website. ADORABLE, JERICO MATELA, JANELLE CRYSTAL GAYLE M. ALIPIO, The EIPD of the Commission is hereby DIRECTED to (a) serve a

CASTILLO a.k.a APRIL CASTILLO, as necessary, and (b) submit a formal criminal proceedings against Respondents PACIFIC UNION LLC, PU PRIME PHILIPPINES and/or, PU PRIME SUPPORT PH, MARTIN DAVID ADORABLE, JERICO MATELA, JANELLE CRYSTAL GAYLE M ALIPIO, JANNA DELOESTE, TIFFANY DELOESTE, and APRIL ANN The EIPD is FURTHER DIRECTED to (a) initiate the appropriate

In the matter of: Pacific Union LLC, et al. SEC CD0 Case No. 05-25-119 Cease and Desist Order Page 10 of 10

compliance report, by way of a pleading within ten (10) days from receipt of this Cease and Desist Order.

departments/offices of the Commission, the Bangko Sentral ng Pilipinas, the Department of Trade and Industry, the National Privacy Commission and the Department of Information and Communications Technology for their information and appropriate action. Let a copy of this Order be furnished to all relevant operating

parties subject of this CDO may file a verified motion to lift the CDO Section 4-3 of the 2016 Rules of Procedure of the Commission, the 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. In accordance with the provisions of Section 64.3 of the SRC and

SO ORDERED. FAIL NOT UNDER PENALTY OF LAW.

Makati City, Philippines.

FRANCISCO ED. LIM Chairberson

JAVEY PAUL D. FRANCISCO Commissioner KARRO ComimiSsioner S. BELLO

MCJILL BRYANT T. FERNANDEZ Commissioner ROGELO V. QUEVEDO Commissioner