THE Sangguniang Panlungsod (SP) of San Carlos City has passed a resolution strongly condemning a certain Joshua Rosario Layacan, owner of JRL Kwarta Trading Co., for his alleged deliberate and malicious refusal to return investors’ money, and has urged national government agencies to investigate and file appropriate cases against him.

Legislative Resolution No. 25(A)-02 was approved during the council’s regular session on December 9, 2025. It calls on the Securities and Exchange Commission (SEC), National Bureau of Investigation (NBI), Philippine National Police–Anti-Cybercrime Group (PNP-ACG), Department of Justice (DOJ), and Bureau of Internal Revenue (BIR) to conduct coordinated investigations.

According to the resolution, Layacan, a resident of Barangay San Juan, San Carlos City, operated JRL Kwarta Trading Co., a crypto trading firm that solicited investments from residents of San Carlos City and other areas, promising monthly returns of up to 10 percent. The council noted that the firm allegedly operated without the required secondary license from the SEC.

On May 13, 2025, PNP-ACG personnel raided the company’s office after determining that it was operating illegally in violation of Sections 8, 26, and 28 of Republic Act 8799, or the Securities Regulation Code. The resolution stated that some employees were arrested, prosecuted, and eventually convicted for violating the law.

Despite the company’s discontinued operations, Layacan allegedly issued several public statements promising to return investors’ monthly profits and later their investment capital, promises which the council said were never fulfilled.

The SP also cited Layacan’s repeated failure to appear before official inquiries despite being given several opportunities. While he promised during the October 6, 2025 council session to return investors’ capital by December 4, 2025, he failed to do so and did not show up on the promised date.

The council stressed that many investors suffered serious financial, emotional, and health-related consequences, prompting the body to invoke the general welfare clause of the Local Government Code in seeking accountability and protection for its constituents. (Eva Visperas)