Pressure mounts: Justice Secretary orders comprehensive inquiry into Mica Tan’s MFT Group, Foundry Ventures

Justice Secretary Jesus Crispin C. Remulla has directed the Department of Justice (DOJ) to thoroughly investigate the complaint filed by the Securities and Exchange Commission (SEC) against self-proclaimed trading prodigy Maria Francesca Tan’s MFT Group and Foundry Ventures, which are accused of orchestrating an illegal investment scheme.

The Task Force on Business Scam, led by Senior Deputy State Prosecutor (SDSP) Peter Ong, has begun its first preliminary investigation into the charges against these corporations.

The investigation stemmed from complaints from several investors who were promised returns of 12-18 percent through postdated checks offering 1 to 1.5 percent monthly interest.

The SEC discovered that MFT provided investors with promissory notes or borrower-lender agreements as proof of investment, all without proper documentation and registration with the SEC, rendering the scheme illegal.

“Meticulously uncover every detail surrounding this case, look closely into every angle, and if necessary, charge everyone who is proven to have defrauded our precious Filipino investors,” he said. “Investments are the lifeblood of our economic sustainability. The immediate resolution of this case is a top priority.”

Over 30 individuals, including Tan are facing a criminal complaint before the DOJ over their alleged involvement in illegal investment activities and the fabrication of financial statements.

A Securities and Exchange Commission investigation uncovered extensive misrepresentation in MFT Group’s audited financial statements from 2018 to 2021.

The probe revealed that MFT falsified information in 17 instances, including the fabrication of dividend income to inflate MFT Group’s profitability.

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