The Department of Justice (DOJ) has found probable cause to charge three entities—Eton Phil Non-Specialized Wholesale Trading, SCET Colleens Corporation, and the group of casino junket operator Hector Aldwin Liao Pantollana—for violating the Securities Regulation Code (SRC) by offering unlicensed investment schemes.
In resolutions filed separately, the DOJ said there was prima facie evidence that the groups and their officers engaged in unauthorized investment-taking activities without securing the required registration and licenses from the Securities and Exchange Commission (SEC).
Under Sections 8 and 28 of the SRC, securities cannot be offered or sold without prior SEC registration, and only licensed brokers or dealers may sell them. Violators face fines up to ₱5 million or imprisonment of up to 21 years.
Eton Trading
Prosecutors recommended charges against Eton Trading founders Elton John Malabarbas and Princess Samson Frias, along with several agents, for selling investment contracts in frozen meat products promising 20–50% monthly profits. The SEC had warned the public against the group in February 2023 and issued a cease-and-desist order in July.
SCET Colleens Corporation
The DOJ also indicted Shara Jane Chavez, Earn Saguindel, and Edith Francisse Tablante of SCET Colleens for 28 counts of fraud and violations of the SRC. The group offered investment packages with 5–8% monthly returns without SEC authorization. The Commission revoked the company’s registration in 2023 after issuing prior cease-and-desist orders.
Casino Junket Group
Pantollana and associates Zeus Pantollana, Reymond Galang, Quarry Quieng, and Erwin Bangalan were charged for raising funds from the public to finance casino junket operations, promising returns of up to 111% per year. Their investment activities, conducted through unregistered companies Philippine National ESports League, Horizon Players Club, and Team Z, were permanently halted by the SEC in October 2024.
The SEC urged the public to stay vigilant and verify the legitimacy of investment offers through its website www.sec.gov.ph or the SEC Check App before transacting.
