SEC Lauds DOJ Indictment of Abra Mining Execs

For Illegal Trading

- By Richmond Mercurio

The Securities and Exchange Commission welcomed the Department of Justice's recommendation to file charges against Abra Mining & Industrial Corp. for illegal trading of shares.

The SEC said the DOJ, acting upon the complaint filed by the commission, has indicted Abra Mining, its directors, officers, transfer agent and certain stockholders for the unauthorized and fraudulent trading of shares from 2015 to 2019.

The SEC said a resolution issued on Aug. 12 found prima facie evidence with reasonable certainty of conviction to charge Abra Mining for violation of Section 8 of the Securities Regulation Code (SRC), in relation to Sections 61, 62 and 63 of the Revised Corporation Code.

The DOJ also implicated company officers James Beloy, Amelia Beloy, Premy Ann Beloy and Joel Albert Beloy.

Abra Mining and its officers were likewise charged for violation of Section 26.1 of the SRC, together with stock transfer agent Asian Transfer & Registry Corp. as well as stockholders Joseph Acuesta, Andrei Vincent Freight Services Corp., Jubileum Air and Sea Logistics Inc., Ferdinand Collado, Leila Collado and Susan May Gacelo.