Singaporean, 4 Pinoys in online pyramiding scam charged
A Singaporean and four of his Filipino partners have been charged before the Quezon City Regional Trial Court for their alleged involvement in the multi-million dollar online pyramiding schemes.
The charge of syndicated estafa against Michael HK Liew, owner of the Performance Investment Products Corp. (PIPC) in the British Virgin Islands; Cristina Gonzalez-Tuason, general manager; Manuel Gonzalez, corporate secretary; Ma. Cristina Jurado and Jonathan Ocampo, both employees, all of the PIPC local subsidiary, was filed on December 10 before the QCRTC.
The filing of the case was based on the recommendation of Assistant City Prosecutor Raymond Jonathan Lledo who found probable cause to indict them in court as they appeared to have connived and acted in conspiracy in committing the crime.
The case stemmed from the complaints of Leana Farrales, senior corporate communications manager of BMW Philippines who claimed to have been lured to invest her money in the amount of US$40,000.00 in the foreign exchange trading.
Farrales said that in March 2004, Jurado introduced to her the concept of “Performance Management Portfolio," an investment program that enables a person to participate in foreign exchange trading for a minimum of US$40,000.
Jurado allegedly enticed her to invest by promising huge returns of at least one to 1.5 per cent per month and benefits such as full principal protection, low risk investment, free insurance coverage, international travel and health assistance as well as complimentary subscription of several magazines.
Through Jurado’s representation, the complainant invested her money by wiring it through Citibank N.A. to Performance Investment Products Limited with address in Tokyo, Japan, between April 2004 and July 2007.
The complainant also signed a Portfolio Management Partnership, a Security Agreement, a Declaration of Trust and received a Fixed Deposit Advice.
Farrales added that she received profits from her investment, which were wired to her bank account in Quezon City.
The complainant added that aside from Jurado, the other respondents thanked her for her investments, encouraged her to invest more money in PIPC and informed her of the successful performance of PIPC offices worldwide and other promotions.
In July 2007, the complainant subsequently learned that Liew had emptied and closed PIPC’s account in ABN-AMRO Bank in Hong Kong and absconded with the money of more than a hundred investors including hers.
She also learned that PIPC was not authorized by the Securities and Exchange Commission (SEC) to sell, trade, invest or manage securities, funds, portfolios or any kind of similar assets, much less solicit any kind of investment.
The complainant said that she no longer sent a demand letter because respondent Tuason had already admitted to the National Bureau of Investment (NBI) that Liew had absconded with the money.
During the preliminary investigation of the case, all the respondents, except for Liew who immediately left the country after took away the money, they all denied the allegations against them.
But in his resolution, Lledo ruled that evidence on record showed that from the very start, the intent to defraud the PIPC investors already existed, sustaining the claim that it was clearly an investment scam with the grand conspiracy among its officers, directors and agents to defraud its investors to their damage and prejudice.
No bail had been recommended against all the respondents. - GMANews.TV
The charge of syndicated estafa against Michael HK Liew, owner of the Performance Investment Products Corp. (PIPC) in the British Virgin Islands; Cristina Gonzalez-Tuason, general manager; Manuel Gonzalez, corporate secretary; Ma. Cristina Jurado and Jonathan Ocampo, both employees, all of the PIPC local subsidiary, was filed on December 10 before the QCRTC.
The filing of the case was based on the recommendation of Assistant City Prosecutor Raymond Jonathan Lledo who found probable cause to indict them in court as they appeared to have connived and acted in conspiracy in committing the crime.
The case stemmed from the complaints of Leana Farrales, senior corporate communications manager of BMW Philippines who claimed to have been lured to invest her money in the amount of US$40,000.00 in the foreign exchange trading.
Farrales said that in March 2004, Jurado introduced to her the concept of “Performance Management Portfolio," an investment program that enables a person to participate in foreign exchange trading for a minimum of US$40,000.
Jurado allegedly enticed her to invest by promising huge returns of at least one to 1.5 per cent per month and benefits such as full principal protection, low risk investment, free insurance coverage, international travel and health assistance as well as complimentary subscription of several magazines.
Through Jurado’s representation, the complainant invested her money by wiring it through Citibank N.A. to Performance Investment Products Limited with address in Tokyo, Japan, between April 2004 and July 2007.
The complainant also signed a Portfolio Management Partnership, a Security Agreement, a Declaration of Trust and received a Fixed Deposit Advice.
Farrales added that she received profits from her investment, which were wired to her bank account in Quezon City.
The complainant added that aside from Jurado, the other respondents thanked her for her investments, encouraged her to invest more money in PIPC and informed her of the successful performance of PIPC offices worldwide and other promotions.
In July 2007, the complainant subsequently learned that Liew had emptied and closed PIPC’s account in ABN-AMRO Bank in Hong Kong and absconded with the money of more than a hundred investors including hers.
She also learned that PIPC was not authorized by the Securities and Exchange Commission (SEC) to sell, trade, invest or manage securities, funds, portfolios or any kind of similar assets, much less solicit any kind of investment.
The complainant said that she no longer sent a demand letter because respondent Tuason had already admitted to the National Bureau of Investment (NBI) that Liew had absconded with the money.
During the preliminary investigation of the case, all the respondents, except for Liew who immediately left the country after took away the money, they all denied the allegations against them.
But in his resolution, Lledo ruled that evidence on record showed that from the very start, the intent to defraud the PIPC investors already existed, sustaining the claim that it was clearly an investment scam with the grand conspiracy among its officers, directors and agents to defraud its investors to their damage and prejudice.
No bail had been recommended against all the respondents. - GMANews.TV
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