8 foreigners, 12 Pinoys nabbed in fake investment ring
A MAKATI Hotel-based firm accused of involvement in a deceptive global Ponzi Scheme was smashed by agents of the Philippine National Police Criminal Investigation and Detection Group on Sunday following a raid that led to the arrest of 20 of its operator including eight foreign nationals, PNP-CIDG director Major General Romeo M. Caramat Jr. said yesterday.
The official said the foreigners arrested were Singaporean nationals James Teo, 34; Jay Lin, 40; May Tan, 39; Desmond Tan, 40; and Spencer Chan, 57; Malaysian nationals Leong Yan, 50; and Jasmine Yone, 44; and British national David Sinclair, 44.
Teo, Lin, Sinclair, and the two Tans were all residents of the Dusit Thani Hotel while Yan was billed at the Shangri-la Hotel. Yone and Chan are both billeted at the Seda Hotel.
Apart from the eight foreign nationals, also arrested during the raid were businesswoman Jimalyn Sanchez, 39; Arnel Pelaez,43; Eduard Abejar, 37; Ardee Dimatawaran, 35; Frayne Zulueta, 31; Paula Lorena, 31; Merry Blas, 30; Sophia Samson, 20; Catherin Batan, 19; Rey Calibara,5 8; Janeil Librinca, 39; and Jose Gacang, 36.
Pelaez, Abejar, Dimatawaran, and Zulueta were described as ‘players’ of the company while the rest were office staff.
Recovered during the operation were three marked P1,000 bills and P431,000 in ‘investment money.’ All accused were brought to the CIDG-NCRFU headquarters in Camp Crame for booking and documentation prior to the filing of appropriate criminal charges against them.
In a report to PNP chief, General Benjamin C. Acorda Jr., the PNP-CIDG director said that members of the CIDG National Capital Region Field Unit in coordination with the Presidential Anti-Organized Crime Commission and the Securities and Exchange Commission conducted the operation against the PROCAP International, Inc. based at Dusit Thani Hotel for involvement in illegal Ponzi Scheme.
The company officials were accused of ‘illegally offering, soliciting and selling securities in the form of investment contract without any secondary license from the SEC.
Their other violations include Section 8 or Offering of Securities Without Registration, Section 26 or Employment of Fraud in the Buying and Selling of Securities; and Section 28 or Acting as Securities Broker and Salesmen under Republic Act No. 8799 or the Securities Regulation Code; Investment Fraud or deceptive solicitation of securities, Ponzi Scheme, Unregistered Securities Offering under RA No. 11765 or the Financial Products and Services Consumer Protection Act.
“We were able to save more Filipinos from another Ponzi scheme as we have discovered that the suspects are involved in a global fraudulent investment scheme,” said Maj. Gen. Caramat.
A Ponzi scheme is an investment fraud that involves the payment of unusually high returns to existing investors from funds contributed by new investors.
