Zamboanga court convicts livestock company owner, staff for money laundering

A regional trial court in Zamboanga City has convicted the owner and an employee of a livestock trading firm for violations of the Anti-Money Laundering Act (AMLA) involving illegal investment activities, the Department of Justice (DOJ) said Friday.

According to the DOJ, the court found the accused guilty beyond reasonable doubt of money laundering tied to violations of the Securities Regulation Code, including the unlawful sale of unregistered securities, fraudulent transactions, and operating without the required licenses.

Prosecutors said evidence presented in court showed that the company offered investment contracts to the public despite its Articles of Incorporation limiting its business operations to the wholesale and retail trading of meat products and frozen foods.

The accused allegedly promised investors “exorbitant and unreasonable returns,” including interest earnings of up to 35% every 15 days, supposedly generated through livestock trading operations.

The DOJ said financial investigation reports prepared through coordination between the Anti-Money Laundering Council (AMLC) and the Securities and Exchange Commission (SEC) led to the issuance of search warrants for two business locations of the company.

The operations resulted in the seizure of around P17 million in proceeds allegedly linked to illegal investment solicitation activities.

The trial court sentenced the accused to an indeterminate prison term ranging from four years as minimum to six years as maximum, and ordered each of them to pay a fine of P1.5 million.

The case was prosecuted by Assistant City Prosecutor Alfredo Jimenez of the Office of the City Prosecutor of Zamboanga City.

In a statement, the DOJ said the conviction reflects the government’s continuing crackdown on fraudulent investment schemes and financial crimes.

“This conviction underscores the DOJ’s firm resolve to hold accountable those who exploit the public through fraudulent schemes and to aggressively pursue cases involving money laundering and other financial crimes,” the department said.—AOL, GMA News