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SEC to slap P13.5 million in penalty against Glasgow.
(From BusinessWorld (Philippines))
Byline: Cathy Rose A. Garcia
The Securities and Exchange Commission (SEC) wants to impose at least P13.5 million in fines against lending firm Glasgow Credit and Collection Services, Inc. for selling unregistered securities to the public.
The SEC's compliance and enforcement department (CED) is set to meet with Glasgow's legal counsel, who is proposing a settlement offer.
"A conference has been scheduled to formally lay out the different phases before the settlement offer may be accepted, namely restitution and payment of fine which was computed at a fine of no less than P13.5 million," the compliance department said.
The CED found Glasgow to have violated the Securities Regulation Code, which requires all securities including investment contracts to be registered ...
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...official list of the SEC Compliance and Enforcement Department, Glasgow has 9,121 investors...bank deposits of Glasgow so the SEC could process the...company investors. The SEC earlier issued a...desist order on Glasgow for allegedly engaging...