Cresencio A. Sosa vs. Pan-Asia International Commodities, Inc., et al.

 [SEC-SICD * CASE NO. 11-96-5494. February 17, 2000.]CRESENCIO A. SOSA, petitioner, vs. PAN-ASIA INTERNATIONAL COMMODITIES, INC., Evangeline Reinoso, Patrick Sum, Rolando Rivera, Maybelline Pinky Lapid, Isabelita Dela Cruz, respondents.D E C I S I O NBefore the Commission, is a complaint for recovery of investments filed by Cresencio Sosa against Pan-Asia Commodities, Inc. (hereinafter referred to as "Pan-Asia") and its officers and directors.The complaint alleged among others, that through the solicitation of Elaine Zabala, an investment consultant for Pan-Asia the Petitioner opened several accounts and invested with Pan-Asia in the total amount of P5,326,037.67; that all accounts were covered with a Customers Agreement, Risk Disclosure Statement and guidelines for spot/future currency trading; that the account was jointly traded and supervised by Elaine Zabala, Elmer Tabing and Estrelita Gaudario; that during Petitioner's visit to the offices of Pan-Asia, the officers, directors, especially Respondent Reinoso fully assented to the actions of their subordinates; that sometime in October 1996, Petitioners learned for the first time, that these individuals were not licensed to engage in commodity futures transactions contrary...