SEC sues group selling ‘access’ to Marcos wealth for fraudulent investments
The Securities and Exchange Commission (SEC) has filed a criminal complaint against a group accused of illegally soliciting investments from the public.
In a statement on Tuesday, the regulator said it charged the Royal Kingdom of Maharlika Pearl of the Orient Organization Inc. (RKOM) and its armed component, Royal Vanguard Transnational Intelligence Group Inc., before the Laguna prosecutor’s office.
The complaint covers alleged violations of the Securities Regulation Code (SRC), the Financial Products and Services Consumer Protection Act (FCPA) and the Cybercrime Prevention Act.
Also named in the complaint were RKOM founder Rolando Rhey Kipte Villar, also known as “Supremo,” along with 14 other members of the organization.
The filing came after authorities had arrested Villar and several members during a joint entrapment operation conducted by the SEC and the Philippine National Police in Sta. Rosa, Laguna on March 28.
The operation involved multiple law enforcement units, including the PNP Anti-Cybercrime Group and local police units.
According to the SEC, the group enticed the public to invest by selling so-called “yellow card” and “green card” memberships priced between P200 and P5,500.
Investors were allegedly promised lifetime benefits ranging from P100,000 to as much as P5 million, raising red flags of a possible investment scam.
The group also claimed that members would gain access to supposed wealth linked to former President Ferdinand E. Marcos Sr., including earnings from a so-called “mother account.”
Meanwhile, members of Royal Vanguard were required to pay P5,500 for uniforms and badges as part of their participation.
The SEC said both entities had registered as nonstock corporations but lacked the required secondary license to solicit investments from the public.
Under the SRC, offering or selling securities without proper registration is prohibited, while fraudulent schemes involving investments are punishable under both the SRC and FCPA.
The Cybercrime Prevention Act further increases penalties when such offenses are carried out using digital platforms.
The SEC said the case underscores its continued crackdown on unauthorized investment schemes and its efforts to protect the public from fraudulent activities.
