The Bangko Sentral ng Pilipinas (BSP) filed with the Department of Justice (DOJ) last week, charges against seven officers of D 1st Cell Pawnshop, Inc., (D1CPI) for soliciting investments from the public without authority from the BSP in violation of Section 6 of Republic Act (R.A.) No. 8791 or the General Banking Law of 2000.
Investigations conducted by the BSP’s Office of Special Investigation (OSI) showed that D1CPI issued Investment / Loan Certificates to thirty (30) investors, offering a monthly interest of four per cent (4%) for a minimum investment of P50,000, and three per cent (3%) per month for dollar-denominated investments. D1CPI also issued post dated checks to investors for the monthly interest and the return of the principal investment. However neither D1CPI nor its officers are licensed to issue securities or receive investments from the public. This investment-taking from thirty (30) investors therefore constitutes illegal quasi-banking.
Charged by the BSP were: Mr. Eugene Co, Chairman; Mr. Jeffrey B. Ibanez, President; Ms. Janice Obra, Vice President; Mr. Kenneth T. Ibanez, Treasurer; Mr. Bryan C. So, Corporate Secretary; Mr. Jee Hung Yao, Operations Manager; and Ms. Maila T. Li, Manager. The BSP also requested the DOJ that these officers be placed under the watchlist file of the Bureau of Immigration.