By Tina Santos
Philippine Daily Inquirer
First Posted 20:11:00 12/17/2008
Philippine Daily Inquirer
First Posted 20:11:00 12/17/2008
MANILA, Philippines—Seven officials of an investment firm who allegedly defrauded investors through a "pyramiding scheme" two years ago were charged in Manila court on Wednesday.
Charged with syndicated estafa under Article 315 (swindling) of the Revised Penal Code were Jesus Tibayan, Palmy Tibayan, Ezekiel Martinez, Liborio Elacio, Jimmy Catigan, Nelda Baran and Rico Puerto, all of the Tibayan Group Investment Co. Inc. (TGICI) and its subsidiary, the Matcor Holdings.
The National Bureau of Investigation (NBI) Task Force on Business Scam referred the case to the DoJ after conducting a probe into the operation of the TGICI.
This came following the filing of complaint by 16 persons who claimed they were swindled by the firm of their investment ranging from P50,000 to P1 million.
The complainants claimed that sometime in 2006, the seven accused enticed them into putting in huge amounts as capital in the TGICI with an assurance of earning from three to eight percent monthly interest on their investment.
As guarantee, the complainants said they were issued postdated checks as payment instrument of the capital investment and the supposed interest earnings, which can be encashed upon maturity.
However, the checks were dishonored when presented for payment on their maturity dates by the banks due to closed accounts, the complainants added.
Investigation showed that shortly after luring several investors, the firm gradually ceased its operation and eventually closed its office.
In her resolution, State Prosecutor Amor Robles, who filed the information in court, said the law provided for the prosecution of persons who committed estafa or other forms of swindling as defined in Article 315 of the Revised Penal Code and could be punished with life imprisonment if the swindling were committed by a syndicate consisting of five or more persons.
Robles recommended no bail for the provisional liberty of the seven accused.
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