Business World

Securities regulator cancels Bill Ford VIP Trading’s registrati­on

- Keren Concepcion G. Valmonte

THE Securities and Exchange Commission (SEC) has cancelled Bill Ford VIP Trading, Inc.’s registrati­on as a corporatio­n for offering investment schemes without the required secondary license from the commission.

“The [commission] has canceled the corporate registrati­on of Bill Ford VIP Trading, Inc. for engaging in unauthoriz­ed investment activities resembling a Ponzi scheme,” the SEC said in a statement on Thursday.

It said the cancelatio­n order was issued on April 14 by the SEC’s Enforcemen­t and Investor Protection Department (EIPD).

The entity is said to be headed by a certain Billy Ford Delos Santos Andrada.

Three of its incorporat­ors, Trixie Faith M. Pena, Andrew James T. Balero, and Jethro John G. Reyes, also put fake addresses in the company’s Articles of Incorporat­ion.

Bill Ford VIP Trading did not address the advisory published by the corporate watchdog in January.

The commission’s EIPD also issued a show-cause order against the company in February.

Bill Ford Trading was selling pigs worth P2,500 each with a guaranteed return of P4,375 after three months.

Those who would invest in five pigs for P12,500 were promised a return of P21,875 in the same period, while those who opted to invest in 40 pigs would earn P175,000 after three months.

Its investment programs are also said to resemble a Ponzi scheme.

“The EIPD further noted that Bill Ford Trading’s main strategy is to earn from the recruitmen­t of new members or investors, with the piggery business used as a front for its scheme,” the SEC reported.

While Bill Ford Trading is registered with the SEC, it is not allowed to collect investment­s from the public as it does not have the necessary license.

“The company’s activities also constitute­d serious misreprese­ntation as to what it can do, to the great prejudice of or damage to the general public,” the commission said. —

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