A Pasig city prosecutor junked the charges filed by the National Bureau of Investigation (NBI) against a global forex education company it raided for alleged securities trading and online fraud last year.
In a resolution signed by Assistant Prosecutor David Michael Go, the Pasig Office of the City Prosecutor (OCP) said they “found that the allegations were not only unwarranted but the NBI did not follow due process in its investigation against Learn To Trade Philippines and the arrest of the company’s executives has no basis.”
The NBI raided the office of Learn to Trade the firm on September 26, 2018 based on the complaint of Katherina Angelica Garcia and Katrina Michelle Labrusca, that the firm was engaged in trading and selling electronic platforms without the authority of the Securities and Exchange Commission.
Acting on the complaint, the NBI applied for a search warrant with the Pasig Regional Trial Court.
During the implementation of the warrant, the NBI agents alleged that the respondents were caught in control of their computers and actively engage in foreign exchange trading.
The respondents were arrested and charged with violation of the Securities Regulation Code.
Go said “the NBI merely made a conclusion without explaining what exactly is happening when they seized the computers. In fact, two of the respondents that were arrested were the company lawyer and a human resource manager.”
Learn to Trade (LTT) Philippines continues to work with the SEC in respect of Forex Education with which it is registered and licensed to do business.
Attorney Herschel Magracia, spokesman and legal representative for LTT said “we are delighted with the OCP findings, however it is worth noting that this unlawful raid has hurt the reputation and financial stability of an organisation that provided over 300 jobs to locals and whose charitable foundation was responsible for the construction of an entire village of 100 homes in Iloilo, re-housing 586 survivors of Typhon Yolanda. It is disappointing that an organisation that has made such a positive contribution to this country has been treated so poorly.”
Founder Greg Secker said “Learn to Trade and the Greg Secker Foundation will continue to support multiple charitable initiatives across the Philippines and will not let this isolated incident distort our view or love for the country.”
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