Align Assets sued for illegal investments

The Department of Justice (DOJ) has ordered the filing of criminal charges against self-styled cryptocurrency trading firm Align Assets and its officers for soliciting investments from the public without the required license.

This followed a complaint lodged by the Securities and Exchange Commission (SEC).

In a resolution promulgated on Nov. 27, state prosecutors said they had found prima facie evidence with reasonable certainty of conviction to indict Align Assets for violations of securities regulations.

The entity is neither registered as a corporation nor authorized to solicit investments in the country.

Aside from the company, the DOJ also recommended the indictment of Align Assets’ head of operations in the Philippines, Rex Tamaray Mayam, along with Kristina Mabborang Famisan, Gerald Villamin Gallardo, Kenneth Eusebio, Girlie Claveria Lacarte, Jocelyn Lintag Juco and Ann Janen Toyhacao Hinacay.

Also facing charges are Alma Estropegan Briz, Kyla Napolis Bornilla, Jayson Calubaquib Dela Cruz, Roberto Mayam Alcanzaren and Ariel Tamaray Mayam.

Under the Securities Regulation Code, Section 8 prohibits the sale of securities without a registration statement duly filed with and approved by the SEC.

Further, Section 28 requires the registration of individuals engaged in the business of buying or selling securities.

Section 26.2, meanwhile, makes it unlawful to obtain money or property through untrue statements of material facts, or by omitting material information that would make statements misleading.