SEC initiates preliminary investigation and serves subpoenas in complaint against Villars

Renowned property mogul Manny Villar and several family members have received subpoenas due to alleged violations of the Securities Regulation Code. The Securities and Exchange Commission (SEC) filed a criminal complaint on January 30, prompting the Department of Justice (DOJ) to engage in initial assessments before moving forward with a preliminary investigation.

The DOJ has already begun serving subpoenas to Manny Villar, his wife Cynthia, their children Mark and Camille who currently serve as senators, businessman Mark Paolo, and other involved parties. Martinez of the DOJ affirmed that all respondents will be given the opportunity to defend themselves in light of the allegations brought forward by the SEC.

Villar Land, the company in question, confirmed that it and some of its directors have been officially informed of the complaint to be probed by the DOJ. The complaint, linked to alleged breaches of the Securities Regulation Code, entails the company’s cooperation with authorities for a fair inquiry. The company expressed readiness to address the allegations appropriately, emphasizing the belief that they have not violated any laws.

The SEC’s accusations involve Villar Land Holdings Corporation, along with associated companies and top executives, facing allegations of market manipulation, insider trading, and providing deceptive information affecting share prices and investor trust. The crux of the SEC complaint revolves around Villar Land’s release of its 2024 financial statements, unveiling significant increases in total assets and net income that caused disruptions in share values.

Deemed as material misrepresentation, the figures were presented to investors prior to final auditing, leading to market tumult subsequently corrected in the revised statements. The SEC brought attention to trading operations by associated corporations that skewed share values, including Infra Holdings Corporation owned by Manny Villar’s brother, and activity by Senator Camille A. Villar deemed as insider trading.

In response to these allegations, Manny Villar underscored the Villar group’s adherence to corporate governance standards and transparency, insisting on cooperation with regulatory entities’ investigations. Upholding transparency and compliance with regulatory mandates, the Villar family intends to address the concerns raised by the SEC. Their commitment to abiding by the rules and ensuring the accurate disclosure of financial information remains unwavering.