SEC set to file charges vs Phil-Asia Care

The Securities and Exchange Commission (SEC) is set to file a criminal complaint against Phil-Asia Care Plans, Inc. for continuing to sell pre-need plans to the public despite the issuance of a cease-and-desist order against them.

The CDO was issued by the SEC following findings that PhilAsia has been selling pre-need plans to the public without the necessary license.

Tomas Syquia, head of the SEC’s Compliance and Enforcement Department, said: "We want to take stronger measures by filing a criminal case. We heard that Philcare has defied our CDO by continuing to sell plans to the public," he said.

Syquia said he has already enlisted the help of the League of Mayors to enforce the CDO on PhilAsia which has reportedly victimized over several thousands of investors, mostly from the provinces.

He said the CED is now preparing revocation proceedings against the company to further safeguard the interest of the investing public.

With the order, officers, directors, representatives, salesmen, agents and any and all persons acting for and in their behalf of PhilAsia are prohibited from further soliciting investments from the public.

In March, a group of pre-need planholders and former salesmen of PhilAsia went to the SEC to complain about the irregularities allegedly perpetrated by the company through selling pre-need plans without authority.– Zinnia dela Peña