SEC seeks raps vs Nomads Club

THE SECURITIES and Exchange Commission (SEC) has asked the Department of Justice (DOJ) to order the filing of a criminal case against officials of an exclusive sports club in Parañaque City for allegedly unlawfully selling shares of stock.

In a motion for opposition, the SEC said board members of Nomad Sports Club (NSC) should be held criminally liable for violating Republic Act No. 8799, or the Securities Regulation Code, because they offered securities to the public in the form of membership shares.

NSC was established in 1914 to promote football and other British sports in the Philippines. Its sports complex in Merville Park in Parañaque has hosted many international football, rugby, squash and cricket events.

The SEC asked the justice department to junk for “utter lack of merit” the motion for reconsideration filed by NSC officials Jonathan Thorp, Thomas Whitwell, Alfonso Cervero, Matthew Freeston, Andrew Yates, Ian Sinclair, Keith Warne and Faisal Durrani-Khan.

“Being securities, the membership shares are required to be registered with the SEC before they may be sold or offered for sale to the public,” the commission said in its petition.

Leila Laureta-Agustin, SEC enforcement and prosecution department chief, said the respondents failed to present “any new and substantial argument that wouldmerit a reconsideration” of the DOJ’s Oct. 26, 2011 resolution, which found probable cause to indict the NSC officials.

Despite the NSC officials’ denials, the SEC said evidence showed the respondents “offered and sold nonproprietary membership shares to the public.”