Charges dropped vs. firm accused of unauthorized foreign exchange trading

The Taguig City Prosecutor's Office has dismissed charges filed against a company accused of engaging in foreign exchange trading without authorization from the Securities and Exchange Commission (SEC).

According to a report on GMA News' "Balitanghali" on Sunday, the charges against Learn to Trade Smartchart were dismissed, with the prosecutor's office saying they have 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.

In September 2018, the National Bureau of Investigation's (NBI) Intellectual Property Rights Division raided Learn to Trade on allegations that it enticed overseas retirees to invest in their trading on the premise of gains.

For its part, Learn to Trade has 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.

The NBI declined to comment on the matter, as it said it will file a Motion for Reconsideration. Another 21 individuals, said to be victims of Learn to Trade, are also set to file charges. — Jon Viktor D. Cabuenas/BM, GMA News