Prosperity.com bucks SEC move to call PNP

A memorandum from the office of Securities and Exchange Commission (SEC) Commissioner Edijer A. Martinez to the PNP Chief Leandro Mendoza is being questioned by Prosperity. com’s lawyer, Ernesto Tabao.

In a statement released simultaneously with the memorandum, Tabao said: "The SEC’s appeal for police assistance to the cease and desist order (CDO) issued by the commission against the company is seen as a direct manifestation of arrogance of power and ignorance of the law."
He described the memorandum as premature and claimed that the SEC has been unduly warranting cases against the company to place a favorable advantage to its competitors.

Tabao said he will file a manifestation with the Court of Appeals regarding "the SEC’s preemption of the CA’s ruling on the case." He added that "the company has already filed a motion for reconsideration which made the order of dismissal not yet final and cannot be subject for execution." "In effect, an order granting the TRO remains to be effective as of date," he said.

"Based on the judicial process, the SEC could not possibly believe that the CDO is now in place. The memorandum of appeal to the PNP could have only been issued as a result of the absence of sufficient knowledge of the progress of the case," Tabao said.

"Other government agencies should not be dragged on to this campaign against the company. Their innocence towards the status of the case is gravely being taken advantage of by some agencies obviously as part of the harassment and smear campaign being hurled at us," Tabao added.