Criminal Complaint Filed vs E-commerce Platform

In its continuing efforts to protect investors from illegal investment schemes, the Securities and Exchange Commission (SEC) has filed a criminal complaint against an entity operating a dropshipping e-commerce platform.

- - Richmond Mercurio

It also warned the public against dealing with a Laguna-based cosmetics and skin care company.

The SEC filed the complaint against New Seataoo Corp. and Seataoo Information Technology OPC for soliciting investments from the public without the necessary license from the commission.

The SEC has filed a complaint before the Department of Justice, charging New Seataoo, Seataoo OPC, its officers and agents with violating the Securities Regulation Code (SRC).

The SEC said that complaints were filed with the commission by the public who were supposedly enticed to invest in the Seataoo Group based on advertisements found on social media platforms such as Facebook and YouTube.

Expecting returns from the group, the investors claimed that they invested amounts ranging from P20,000 to P2.3 million.