THE SECURITIES and Exchange Commission (SEC) said it had revoked the broker-dealer registration of Mount Peak Securities, Inc. over alleged regulatory violations and deficiencies identified during an investigation, while separately warning the public against online lending platforms allegedly misrepresenting themselves as affiliated with the “MocaMoca” lending brand.
In a Feb. 13 decision, the SEC’s Markets and Securities Regulation Department canceled Mount Peak’s registration for alleged violations of 12 provisions under the implementing rules and regulations of Republic Act No. 8799, or the Securities Regulation Code (SRC).
The decision followed an investigation conducted by the Capital Markets Integrity Corp. (CMIC), which cited alleged irregularities involving the company’s business operations, records, books, and back-office systems.
The CMIC had placed Mount Peak under involuntary suspension in August 2025, citing potential risks to the Philippine Stock Exchange (PSE) and the investing public if the company continued operations.
The SEC also revoked the salesman license of the company president and the license of an associated person, and permanently disqualified both from future registration under the SRC.
The regulator likewise imposed P17.25 million in penalties.
According to the SEC decision, the company president admitted that an account under the name “Michael Malate” was allegedly used as a dummy account for personal transactions.
The SEC also cited alleged discrepancies in customer account records, internal controls, capital adequacy compliance, and reserve account balances.
“In the instant case, notwithstanding its breach of the minimum prescribed RBCA ratio across various periods, [Mount Peak] did not cease doing business or notify the PSE and the Commission of such breach,” the SEC said in its decision.
The ruling has been appealed and remains pending before the SEC Commission En Banc.
Mount Peak did not immediately respond to an e-mail seeking comment.
In a separate advisory, the SEC warned the public against online lending platforms and mobile applications allegedly claiming affiliation with Copperstone Lending Inc. and the lending brand “MocaMoca.”
The advisory, issued through the SEC’s Financing and Lending Companies Department, said Copperstone Lending had reported several websites, applications, social media pages, and online platforms allegedly using the company’s name, branding, and identity without authorization.
The SEC said the reported platforms were also linked to complaints involving alleged collection harassment, suspicious loan applications, and unauthorized transactions.
“The Company likewise reported that several consumers complained regarding alleged collection harassment, threats, suspicious loan applications, and fake lending platforms falsely representing themselves as connected with ‘MocaMoca,’” the SEC said.
The commission advised the public to verify whether lending and financing firms are properly registered and authorized before transacting online, and cautioned consumers against sharing personal and banking information through unverified platforms. — Alexandria Grace C. Magno
