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SeedIn Technology, Inc. (SeedIn), a fintech company duly licensed by the Securities and Exchange Commission to act as a crowdfunding intermediary and to operate a crowdfunding portal that provides more funding options to the country's small, medium, and emerging enterprises (SME), released an official statement about a recently discovered possible and apparent fraudulent act committed by its former President, Mr. Edison Tsai, that adversely affects or is likely to adversely affect its ability to meet its obligations. SeedIn stated to the SEC that it is looking into the problem and will offer more information as soon as possible.
According to SeedIn, to prevent further anomalous transactions by Mr. Tsai, the company immediately replaced Mr. Tsai as President of the company with Mr. Neil Raymundo, a well-respected individual in the business community, temporarily halted withdrawals or payouts to investors and borrowers on its online electronic platform, and reported the fraudulent act of its former President to the SEC.
Also, the company stated that they are conducting a forensic audit to ascertain the amount of Mr. Tsai's fraud and are preparing to prosecute the company's erring former president.
SeedIn has been working with the Securities and Exchange Commission's Markets and Securities Regulation Department ("MSRD") on corrective steps to protect the company and the public.
The company also said that they are doing everything necessary to figure out Mr. Tsai's fraud and retrieve any funds that may have been misused by Mr. Tsai.
An update from SeedIn Philippines as of January 10, 2024 regarding pay-outs.
The Philippines' Securities and Exchange Commission recently hailed its role in assisting MSMEs through online crowdfunding platforms such as SeedIn Philippines.
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ABOUT THE BLOGGER
Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy).
Currently, I'm working my way toward time and financial freedom.