Last updated on
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
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.”