Illegal online trading firm in BGC busted —NBI

The National Bureau of Investigation has apprehended several people for their supposed involvement in an illegal online trading company operating in the Bonifacio Global City.

In a report on GMA News' "Balitanghali" on Sunday, NBI Intellectual Property Rights Division Chief Glenn Ricarte warned the public against dealing with "Learn to Trade Smartchart."

The company allegedly entices retirees from the United Kingdom, Australia, South Africa, and the Philippines to invest in their foreign exchange trading on the premise of gains.

"Ang Learn to Trade Smartchart Incorporated ay walang secondary license to trade foreign exchange. Hindi sila authorized ng SEC (Securities and Exchange Commission)," said Ricarte.

"Gawa-gawa lang nila na merong trading pero wala naman talaga, hanggang maubos 'yung investment," he said. 

Around five people supposedly involved with the company were arrested, while the technical equipment of the firm were seized.

One of the former employees of the company likewise came forward and claimed that they knew that the company was operating illegally.

"Konsensya rin talaga na nangloloko sila ng ganyan, sa pag-asang baka kumita pa sila ng pera," an employee identified as "Julius" said in the report.

"'Yung foreigner yumayaman, tapos 'yung kapwa mo Pilipino, hinihila mo pababa. Tama na," he added.

Complaint dropped

But in February this year, the Taguig City Prosecutor's Office dismissed the charges filed against the firm.

According to a report on GMA News TV's "Balitanghali" on February 17, the charges against Learn to Trade Smartchart were dismissed, with the prosecutor's office saying the raps had no legal basis.

"The instant case against the Respondents has no legal basis to proceed. Complainants failed to sufficiently show the actual crime or violation being committed by Respondents," the Prosecutor's Office said.

"The actual criminal act allegedly committed by the Respondents when Search Warrant was being implemented has not been clearly established. In other words, the allegation that the Respondents were caught in flagrante delicto is not clear," it added.

Learn to Trade also maintained that the company does not engage in foreign exchange trading, but instead only trains individuals to do so.

"Walang basehan yung pag-file ng kaso laban sa Learn to Trade. Walang krimeng ginagawa ang mga ito nung nangyari 'yung pag-raid. Learn to Trade, as you would know, is only providing coaching service," said Herschel Magracia, the company's legal counsel.

"Hindi ito nagte-trade, and so where is the violation committed given the scenario when the NBI went to Learn to Trade? So napaka-imposible ho 'yung paratang ng NBI kaya ho nadismiss yung kaso laban sa Learn to Trade," added Magracia. —Jon Viktor Cabuenas/LBG/RSJ, GMA News