The Securities and Exchange Commission (SEC) has ordered individuals and entities using the identity of Tekwang Lending Corp. and its online lending platform, Tekcash, to stop their unauthorized lending activities.
In a cease and desist order dated Oct. 15, the SEC directed the operators of the Facebook page “Tekcash Online Loan Victims,” the Facebook account “Tekcash Loan Lending,” and the email address tekcashloanmanagement@gmail.com to immediately stop engaging in or facilitating lending transactions without the required authorization.
The order also covers the owners, representatives, and other individuals acting on behalf of the unauthorized operators.
According to the SEC, the entities allegedly used the identity of the registered lending company to make borrowers believe they were dealing with legitimate representatives of Tekwang Lending.
The order stemmed from a report filed by Tekwang Lending Corp. concerning the unauthorized Facebook accounts and email address, which reportedly contained testimonials from individuals who had obtained loan assistance through the email account.
Tekwang denied owning or operating the accounts and said it had received complaints and requests for assistance from borrowers affected by the unauthorized activities.
An investigation by the SEC Financing and Lending Companies Department found that the operators had no authority to conduct lending activities.
The SEC also confirmed that the accounts and email address were not authorized representatives, agents, third-party providers, or official digital channels of Tekwang Lending.
The operators were prohibited from claiming any ownership, affiliation, or connection with the registered lending company and its Tekcash platform.
The SEC warned that the unauthorized use of a legitimate company’s identity could mislead borrowers and expose financial consumers to fraudulent transactions.
Under Republic Act 9474, or the Lending Company Regulation Act of 2007, lending companies must secure the necessary authority from the SEC before engaging in lending operations.
The order also directed the operators to stop maintaining and promoting the identified Facebook accounts and email address.*
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