The agency’s Prosecution and Enforcement Department has uncovered another bogus trader in Belkin Management Consultancy Inc., which was found to have engaged in foreign currency trading under the commodities futures exchange without the proper license.
PED head Atty. Emilio Aquino said they have issued a cease-and-desist order (CDO) against Belkin since "there is an imperative need for said corporation to be enjoined from further operating as a commodities futures broker if only to safeguard and protect the interest of the public in general."
The Makati-based Belkin registered with the SEC last year for the purpose of giving management, investment and technical advice to firms and individuals but was not licensed to play a role in the management of its clients’ "funds, securities and portfolio."
Aquino said Belkin’s cover was blown up when a certain Enrique Teodoro and his wife complained in a letter to the SEC that Belkin has been the foreign exchange trading agent of Belkin Profits Ltd. of the British Virgin Islands.
The Teodoros claimed they were made to sign a "customer agreement" in Belkin’s Makati office and invested an initial P134.750 million which they never recovered.
The SEC has recently issued a string of CDOs to foreign-based stock brokers, investment houses and pre-need companies over numerous complaints of unscrupulous business activities from their clients.