The Securities and Exchange Commission has filed criminal complaints against four companies for operating unregistered online lending platforms. | miguelrcamusINQ /PDI
The Securities and Exchange Commission filed criminal complaints against four companies for operating unregistered online lending platforms.
The firms were Suncash Lending Investors Corp., UCash Lending Investors Corp., Suncredit.ph Finance Corp. and ECredit Finance Inc., the corporate regulator said in a statement on Thursday.“The SEC Enforcement and Investor Protection Department on [Dec.] 20 filed a criminal complaint against Suncash, UCash, Suncredit and Ecredit for failing to disclose its online lending applications, in violation of Republic Act No.
Named in the complaints were Qi Lu, the president of Ecredit, Suncash and Suncredit, who was also found to be the beneficial owner of Suncash, alongside Zhu Junfeng. Zhu is also a director of the three other companies.Also implicated in the complaint were other incorporators, directors and officials of the companies, including Chang Yuting, Joyclyn V.
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