In a May 26 resolution, state prosecutors found enough evidence to charge the companies and their officers for violating multiple provisions of the Securities Regulation Code.
The SEC said MFT and Foundry promised 12 to 18 percent returns, issuing post-dated checks to back these claims, but failed to register the investment offers as required by law.
List of officers, individuals
The DOJ also linked CEO Mica Tan and several key officers: Florita Tan, Enrique Eduardo Tan, Charles Edward Tan, Christian Konstantin “CK” Agbayani, Roxanne “Roxy” Agbayani, Luis Gabriel R. Cancio Jr., Noel M. Olan, Joselito “JR” Hernandez, Christian Olan, and Tito Cosejo Jr.
Also named were Mae Tan, Christian “Kenchie” P. De Vera, Martin Choi, Reanne Po, Romarico “Rico” S. Ruiz, Jose Carlos R. Cancio, Alan Madlangbayan, Mildred Madlangbayan, Jeruz Madlangbayan, Ronald G. Nery, Halmond Parker R. Ong, Chiqui T. Tan, and Jose Donnie “JD” B. Montelibano.
The indictment extended to Arlene M. Navarro (also known as Mauricio), Maria Beatriz Dolores R. Tomas, Mary Ruth A. Oquendo, Joanne A. Cabaero, Thuy Nguyen, Marta Gilda M. Poursabouri, Maricris T. Tan, and Rosanna Vidal.
Independent auditors from Isla Lipana & Co. (PwC Philippines)—Geraldine Hammond-Apostol and Ruth F. Blasco—were likewise implicated for allegedly validating false financial statements from 2018 to 2021.
The SEC said MFT Group misrepresented its income by declaring unverified dividends to appear profitable and attract investors.
Prosecutors said these false claims were used as a scheme to lure the public into what resembled a Ponzi setup.
The SEC had issued a cease and desist order in January 2024 and made it permanent in April.T
—Edited by Miguel R. Camus
