One Lightning willing to participate in SEC investigation

ABS-CBN News

Posted at Mar 23 2015 10:12 AM | Updated as of Mar 23 2015 11:26 PM

MANILA, Philippines - One Lightning Corp. said it is willing to participate in any investigation being conducted by the Securities and Exchange Commission (SEC).

The SEC issued an advisory dated February 27 on One Lighting, saying "as part of its modus operandi, One Lightning Corp., invites people to invest in its cosmetics and healthcare products by promising huge returns."

The SEC further warned that those who participate in this investment-taking activity run the risk of being prosecuted for criminal violation of the Securities Regulation Code.

In its own investigation, One Lightning said it discovered the some of its sales materials may have used "inappropriate" and "confusing" terms during its client presentations.

"OLC learned through its own internal investigation that some speakers or certain sales materials might have used certain terms that were deemed inappropriate and confusing during client presentations. Hence, the issuance of the advisory," the company said.

One Lightning said it is waiting for next move by the SEC.

"OLC consulted its lawyers and, through them, submitted on March 16, 2015 an undertaking manifesting its willingness to participate in any investigation of the SEC. OLC and its legal team shall await procedural steps to be prescribed by The Commission," it said.

One Lightning maintained it is "a legitimate corporation engaged in trading which exclusively sells various health & beauty, beverage products through direct selling."

In a March 9 reported on ANC's On The Money, Atty. Gerard Lukban, commission secretary of the SEC, said One Lightning may be considered a "pyramiding company."

"First of all, it's not sufficient that you're a registered company here in the Philippines. Because you're selling investment contracts to the public, we would need to see your registration statement and a prospectus of what you're offering. This is to protect the potential investors," he told ANC.

"Second, they do not have a licensed salesman to sell these investment contracts. So they already have two violations, so the investment scheme that they are offering, our investigators also noticed, are kind of questionable," he added.

Based on the information from its official website, One Lightning offers different kinds of packages to the public, costing anywhere from P1,500 to P766,500. These packages go with combinations of beauty products and these privileges.